The pair pointed to bitcoin and crypto criticism from Microsoft founder Bill Gates and legendary investor Warren Buffett —who have both two of the biggest haters of the technology — as support for their claim that 90 of the world’s 100 richest people have come out against bitcoin and crypto.
“All Ponzi schemes must have a steady stream of new investors to join in, so that the whole scheme can be maintained,” the authors wrote.
“Once there is malicious short-selling, no successor, tight funds, or regulatory policy changes that affect the confidence of participants or the determination of latecomers, it will cause this seemingly exquisite cycle to collapse instantaneously and the value will be zero,” echoing a report last month in China’s Economic Daily newspaper that predicted “once investors’ confidence collapses or when sovereign countries declare bitcoin illegal, it will return to its original value, which is utterly worthless.”
