Former JP Morgan strategist criticizes cryptocurrencies: "Rat poison"! Comparable to a pyramid scheme.

Former JPMorgan strategist Marko Kolanovic launched another fierce attack on cryptocurrencies on Wednesday, branding them as "rat poison" and making strong statements against those who advocate for global dominance in the cryptocurrency arena. In response to US President Trump's tweet claiming that the US is leading in the cryptocurrency field, Marko Kolanovic bluntly stated that the US is "dispensing rat poison to its own people." Kolanovic wrote, "This ancient definition now fits many cryptocurrency products perfectly: A pyramid scheme is a fraudulent business model that rewards participants primarily for recruiting new members, rather than for selling products or services, and most participants may ultimately suffer collapse and financial loss. In fact, as early as 2017, Kolanovic pointed out in a report that the entire cryptocurrency market bears some resemblance to a fraudulent pyramid scheme. In March of this year, he also wrote, "If the US wants to become a global cryptocurrency center, it needs to establish a 'junk coin arbitrage management bureau.'" Investing legend Warren Buffett jokingly referred to Bitcoin as "rat poison squared" in 2018, stating that it would have no effectiveness. Nobel laureate economist Paul Krugman also believes that Bitcoin is useless, inefficient, and largely a Ponzi scheme. Krugman stated, "The Bitcoin community attracts investors by combining technology with liberalism, using some cash flows to drive up prices, attracting more investors." Data shows that the largest cryptocurrency, Bitcoin, has rebounded from its low point at the so-called "freedom day" to near its 52-week high, rising 10% since the beginning of the year, currently trading at around $104,000 per coin.