Yifan He, the CEO of the Blockchain-based Service Network (BSN), published an article on June 26 referring to cryptocurrencies as the “biggest Ponzi scheme in human history.” He is also the CEO of Red Date Technology, which happens to be one of the founding members of China’s blockchain infrastructure.

The article was published in state media in which the founder mentioned Tesla boss Elon Musk’s tweets influencing Dogecoin’s price in 2021 and described the market as an “old scam, new way.” The author also discussed the most recent epic fall from grace of TerraUSD (UST), as well as the spiraling fall of LUNA to a few cents, while trying to elucidate that the latter two were the combination of two types of Ponzi schemes: cash-based and based on actions. -established. He also cited the examples of Microsoft founder Bill Gates and Berkshire Hathaway CEO Warren Buffett, both highly successful and influential figures, but who have long believed that the crypto story will not end well. It is worth noting that this is not the first time that Bitcoin and crypto have been called out by a prominent figure to be a huge and long-running Ponzi scheme. The latest comments come amid a market crash that prompted a new warning from China in an article published by the Economic Daily, which claimed that the value of Bitcoin could be “heading for zero”. Following the rapid declines, Beijing has renewed its efforts to discourage Chinese investors from all crypto-related activities. Despite continuing to maintain an anti-Bitcoin stance, China has been quite encouraging of blockchain technology. In fact, blockchain was first elevated to a national priority for China after President Xi Jinping’s 2019 speech, where he announced that it was a crucial breakthrough in independent innovation of core technologies. Soon after, China began developing a blockchain-based service network (BSN), which is essentially a platform that aims to make it easier for businesses to deploy blockchain technology. As previously reported, BSN was preparing to launch its first major international service, the Spartan Network, in August this year.

Featured image courtesy of Medium

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This post China’s BSN Founder Not a Bitcoin Fan, Calls Crypto a Ponzi Scheme

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