In an interview with CNBC earlier Tuesday, former Wells Fargo CEO Richard ‘Dick’ Kovacevich denounced Bitcoin as a pyramid scheme.
First, it was economist Robert Schiller calling Bitcoin a “bubble”. Then JP Morgan CEO Jamie Dimon added his pontificating opinion to the mix, labeling it a “fraud.” Now it looks like Wall Street talking heads are doubling down on the stupid.
Yesterday, in an interview on CNBC’s Squawk on the Street, former Wells Fargo CEO Richard Kovacevich pronounced Bitcoin a pyramid scheme:
I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower.