Bitcoin price LIVE: Coin slammed as 'biggest ponzi scheme in history' as price falls
BITCOIN'S price remains hovering around the $15,000 mark as fresh criticism emerges over the similarity to the Dot.com boom of the early 2000s.
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UPDATE 8.13am - Bitcoin rather flat as more negativity roles in
The price at the time of press stands at $14,878 (£11005) a fall of $272 on the day so far.
After the staggering 'gold rush' of mid-Decemeber, bitcoin has had a rather hard time of it at late.
The latest burst of negativity comes from Vivek Wadhwa, writing on LinkedIn in a peice that leaves little uncertainty over his position on the issue, titled, "Why Bitcoin Is the Largest Ponzi Scheme in Human History".
Mr Wadhwa says that the narrative that bitcoin "victims" are being sold is that, because we cannot trust government-issued currencies, and as such - bitcoin is the future of money.
"This is complete nonsense", according to Mr Wadhwa.
"Yes, the price of bitcoin may yet double or even quadruple - because its price is based on pure speculation, and these stories are feeding such speculation.
"But bitcoin's market price is almost certain at some point to crash and burn, just as the dot-coms' did, and for the same reason: because it is all hype.
"And there will be no one to turn to when it does, because no government or bank is backing bitcoin up; and the people who are hyping bitcoin will have cashed out and be long gone."
