Bitcoin could be the biggest scam and Ponzi scheme ever perpetrated, according to the Gravel Institute, a progressive think tank that compared the world’s No. 1 cryptocurrency to a form of fraud that promises high returns but pays earlier investors with funds from new investors. With no legitimate profit to sustain the process, the whole thing inevitably collapses. 

Charles Ponzi, for whom Ponzi schemes are named, swindled naïve and greedy Americans out of $15 million in the early 1920s. Bernie Madoff pulled off the largest Ponzi scheme to date, conning thousands of investors out of $20 billion in principal funds. He was arrested in 2008 and died in prison on April 14 at age 82.

There is little difference between how Bitcoin operates and a Ponzi scheme, according to the late Mike Gravel, a former Alaska senator and two-time U.S. presidential candidate who founded the New York-based Gravel Institute. Gravel died on June 26, 2021…

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