Home Cryptocurrency Ehud Barak calls Cryptocurrencies “Ponzi Schemes” as 100,000 Bitcoin Miners shutdown

Ehud Barak calls Cryptocurrencies “Ponzi Schemes” as 100,000 Bitcoin Miners shutdown

Ehud Barak

Ehud Barak, who is the former minister of Israel has aired his opinion about cryptocurrencies. The former leader of the Labor Party called digital currencies “Ponzi Schemes”, saying he would never invest in such.

He also went ahead to say he believes in the Blockchain technology, calling it an “important advancement”. The 76-years-old retired politician is now part of the crypto naysayers.

This is coming after 100,000 bitcoin miners were forced out of business as the cryptomarket continues to struggle, according to a report by an Autonomous Research company, LLP.

Salcido Enterprises, which is known as one of the leading mining companies also confirmed that this is a “flushing out” period in the market.

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According to Salcido, bitcoin miners are only profitable when Bitcoin is over $4,500 even though the blockchain mining difficulty has been decreased.

Bitcoin is still trading just below $4,000 today, with other cryptocurrencies still trading in the price we reported yesterday.

We always keep our eyes on new entries to the top 20 most capped coins, and we couldn’t help but notice WAVES coin. A platform that handles the storing, trading, managing and issuing of digital assets, easily and securely.

The coin saw a 47% increase in price in the past 24 hours, going from $1.45 to $2.19 and stepping into the top 20. The worst performer today is EOS, as the coin keeps on dropping even after the creator’s assurance.

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