Bitcoin: the “pyramid scheme” even banks can’t ignore

Bank of America just named Bitcoin one of the most revolutionary technologies of the past thousand years.

What surprises me isn’t that Bitcoin appears alongside the iPhone on this list - it's that a bank would acknowledge Bitcoin.

That's a bold move. After all, Bitcoin is a technology that, sooner or later, threatens to dismantle the entire banking business. So an open and honest nod to its significance deserves respect.

But I can’t help remembering a talk I heard back in 2020. A banking analyst claimed Bitcoin was a pyramid scheme and offered this as his reasoning:

"When someone joins a pyramid scheme, they often become its loudest promoter. Not just because they've been brainwashed, but because deep down they know: if they don't bring in new victims, they'll be the last to buy in - and lose everything."

It’s worth noting that Bank of America:

• holds some positions in Bitcoin ETFs
• owns hundreds of blockchain-related patents

So... maybe the bank feels it’s already in - and now it's time to promote the “pyramid”? 🙂

For what it's worth, Bitcoin doesn’t need promotion. On rabbit.io, it consistently ranks among the most exchanged assets - along with USDT and Monero.