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Research Affiliates CEO calls crypto a ‘Ponzi scheme,’ questions ‘substance’ of blockchain

Chris Brightman's comments on blockchain come after BlackRock indicated it was bullish on the technology

By David Ricketts
'The idea that we somehow can use distributed ledger technology to eliminate all the constraints of centuries of legal convention is a libertarian pipe dream'
'The idea that we somehow can use distributed ledger technology to eliminate all the constraints of centuries of legal convention is a libertarian pipe dream' Photo: Getty Images

The chief executive of California-based asset manager Research Affiliates has called cryptocurrencies a “Ponzi scheme”, claiming bitcoin and the blockchain technology underpinning the world's largest digital asset help fuel illegal activity.

“They are a Ponzi scheme that facilitates money laundering,” Chris Brightman told Financial News when asked about his views on cryptocurrencies.

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