According to analyst Ross Clark, Bitcoin is becoming a serious threat to the global financial market. In his recent commentary, Clark expressed the opinion that current trends with Bitcoin, including the introduction of Bitcoin spot ETFs, can be compared to bookmakers opening branches in every residential building. In his words, this is akin to a financial experiment that could turn into a catastrophe for many people.
Clark’s Perspective on Bitcoin
Clark believes that Bitcoin represents a classic zero-sum game, where the winnings of some players come at the expense of others. He argues that Bitcoin does not generate real income and has no intrinsic value. In his eyes, Bitcoin is just a modern version of a Ponzi scheme, where deceived investors hope for profit while true value is lacking.
Warnings About a Potential Financial Bubble
According to the analyst, the growing accessibility of Bitcoin through exchange-traded funds (ETFs) could contribute to the formation of a new financial bubble. This will lead to many investors, attracted by the promise of easy enrichment, risking to lose their funds. Clark warns that such a development could have serious consequences for the economy as a whole.
This viewpoint sharply contrasts with more optimistic views on Bitcoin, prevalent among investors and experts. It’s not just Clark expressing skepticism about cryptocurrency. Charles Hoskinson, the creator of Cardano, also believes that the cryptocurrency industry has outgrown Bitcoin and that it may lose its significance in the future.
