British Politician: If we all used bitcoin, “the thing would collapse”!

Diane Abbott, the current UK 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 they were elected, reports the Express news site on Friday March 2.

 

In speaking to the House, Abbott said that Bitcoin could ” easily collapse “, stressing her opinion that the British authorities should crack down on its spread throughout the rest of the economy.

 

Abbott’s opinion is in line with the statement made today by Mark Carney, Governor of the Bank of England, about the need to keep bitcoin and other cryptocurrencies “to the same standards” as the rest of the financial system.

 

“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.

 

“And if everyone took their bitcoin money and tried to buy a new car all at once the whole thing would collapse.”

 

 

 

The Labour MP is known in the British public for being controversial and sometimes misinformed about a wide range of issues. Abbott once suggested that her party would be able to hire 10,000 people for the British police at a total cost of £300,000, which would result in an average annual salary of £30, just over $40 per new officer.

 

Diane Abbott also tweeted that one of the lessons to be learned from the Grenfell Tower 2017 fire is that “fire puts out water” and asked the British government to do something about the drought in the Indonesian province of Davao del Norte, which is actually a province in the Philippines.

 

Abbot is not the only public figure to have heavily criticized Bitcoin last month. Matthew Lesko, the “free money guy”, who became famous in the nineties when he wrote books on how to get federal subsidies from the U. S. government, called Bitcoin”scam” and “gambling” in an interview with CNET.

 

Charlie Munger, a 94-year-old business partner of Warren Buffett and vice president of the Berkshire Hathaway conglomerate, said the cryptocurrency idea is “totally asinine” and that it’s “disgusting” that people buy Bitcoin.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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