UK Secretary Diane Abbott: If Everyone Used Bitcoin ‘The Whole Thing Would Collapse’212.17

Diane Abbott, the United Kingdom's sitting Shadow Home Secretary, said in an interview with The House magazine that Bitcoin "Is just a gigantic Ponzi scheme," and promised that the Labour party, of which she is a member, would regulate it if elected, Express news site reports Friday, March 2. Speaking to The House, Abbott said that Bitcoin could "Easily collapse," stressing her opinion that the UK authorities should clamp down on its spread throughout the rest of the economy. "We are looking at the Bitcoin issue. One of the problems with Bitcoin is the extent to which it is just a gigantic Ponzi scheme," the Shadow Home Secretary continued her explanation of the risks posed by Bitcoin. Matthew Lesko, the "Free money guy," who became famous in the 90s by writing books on how to get federal grants from the US government, called Bitcoin a "Scam" and a "Gamble" in an interview with CNET. Charlie Munger, a 94-year-old business partner of Warren Buffett and the vice president of the Berkshire Hathaway conglomerate, said that the idea of cryptocurrency is "Totally asinine" and that it is "Disgusting" that people buy Bitcoin.
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