UK’s oldest news magazine slams ‘Bitcoin a threat to us all’ and a ‘Ponzi scheme’

The traditional British magazine, The Spectator, may have contributed to another “Bitcoin obituary” in 2024, slamming it as a threat and a “Ponzi scheme.”

In a scathing article published on May 24, The Spectator‘s Ross Clark criticized Bitcoin’s (BTC) resurgence for retail investing. Particularly, Clark highlighted the cryptocurrency‘s volatility and ability to create and destroy fortunes rapidly, questioning its intrinsic value and stability.

The author pointed out Bitcoin’s remarkable recovery since January, despite the conviction of Sam Bankman-Fried, founder of FTX. Moreover, Clark attributed this recovery to the Grayscale Bitcoin Trust, an exchange-traded fund (ETF) that simplifies Bitcoin for retail investors.

Bitcoin obituaries. Source: 99Bitcoins

Bitcoin criticisms and points of failure

Despite the hyperbolic nature of a “Bitcoin death” statement, many of its obituaries contain thoughtful and valid criticisms.

Unfortunately, the BTC advocates create memes and personal attacks against their critics instead of considering the fundamental thesis behind their occurrence. This is a cultural inheritance from a movement called “toxic maximalism.”

Conversely, some critics have historically failed to demonstrate part of their criticisms, often driven by emotion and conflicts of interest.

Therefore, investors must be open to profoundly studying and understanding Bitcoin or other assets they are investing in. Bitcoin may not “die” and may not be a “Ponzi Scheme,” as The Spectator stated in its last article, but it certainly has points of failure and potential improvements.