“People buy into bitcoin in expectation of handsome returns. That expectation is sustained by the profits of those who cash out. But there is no external source of income. As in a classic Ponzi scheme old investors cashing out only do so at the expense of new money coming in. Unlike, say, investment in shares and bonds, bitcoin makes no contribution to the greater economic or public good.”
Alex Brummer, Economics/Finance Editor, Daily Mail · Bitcoin since: +45%
As published by Daily Mail
Reality Check For Cryptocurrency: Bitcoin Is A Scam Which Will Only End In Tears ↗
A little perspective.
Bitcoin on that day$46,471December 29, 2021
$100 at that price$145.03At our latest price check
Illustrative value using a Bitcoin price of $67,395, checked Nov 14, 2026, 3:28 AM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
Keep the receipt.
Bitcoin Is Dead. “Reality Check For Cryptocurrency: Bitcoin Is A Scam Which Will Only End In Tears” — Alex Brummer, Daily Mail, December 29, 2021. Bitcoin: $46,470.69. https://bitcoindeaths.com/posts/2021-12-29-reality-check-for-cryptocurrency-bitcoin-is-a-scam-which-will-only-end-in-tears