- Thursday, April 25, 2024
By: Sarwar Alam
India warned on Friday (29) against investing in cryptocurrencies including bitcoin, likening them to “Ponzi schemes”, as it became the latest country to urge caution. Despite a boom in trade that has seen prices soar, cryptocurrencies “don’t have intrinsic value and are not backed by any kind of assets,” the Indian finance ministry said in a statement. “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash,” it said. Bitcoin prices plunged by almost 40 percent from its record high of $19,500 this month as investors…
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