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World Bank Group President Jim Yong Kim compared cryptocurrencies to Ponzi schemes at an event in Washington on Wednesday night.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” he reportedly said.
Here’s how the largest cryptocurrencies on Thursday:
- Bitcoin (BTC): $8,287 (+9.9%)
- Ethereum (ETH): $806 (+8.0%)
- Ripple (XRP): $0.75 (+5.2%)
- Bitcoin Cash (BCC): $1,183 (+24.7%)
- Litecoin (LTC): $143 (+4.9%)
What else is happening:
- A big Morgan Stanley report shows how bitcoin is in danger of becoming a victim of its own success
- Berkeley is turning to cryptocurrency as a possible hedge against Trump cutting off its funding
- Bitcoin cash is soaring Thursday, outpacing any other coin
- Nvidia will report earnings after the bell Thursday, and is expected to be asked about the impact of cryptocurrencies on its business
- European Central Bank exec: Bitcoin is “not money” and “like Mr Ponzi’s schemes”
- Finally, regulators are worried about crypto – and they may have good reason