Research Affiliates CEO calls crypto a ‘Ponzi scheme,’ questions ‘substance’ of blockchain

Chief executive of California-based asset manager Research Affiliates has called cryptocurrencies a 'Ponzi scheme' Chris Brightman claims bitcoin and the blockchain technology underpinning the world's largest digital asset help fuel illegal activity. “They are a Ponzi Scheme that facilitates money laundering,” Brightman said when asked about his views on cryptocurrencies. Brightman: Bitcoin and blockchain technology "facilitates money laundering" and "facilitating money laundering’s facilitating money laundering" in the U.S. He said he was disappointed by the rise of bitcoin and other cryptocurrencies in the past year, which he described as a ‘ponzi-scheme’ and ‘fraudulent’ Source