Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.
O’Leary’s statement about Bitcoin being a Ponzi scheme follows a fake interview about the coin between Ryan Tubridy and Ryanair CEO on The Late Late Show.
Bitcoin (BTC) is gaining further traction, but not all are ready to admit its growing dominance in the fintech world. For example, the CEO of Irish low-cost airline company Ryanair Holdings Plc (LON: RYA) Michael O’Leary believes that Bitcoin is a “Ponzi scheme”. Besides, he told The Sunday Times that he would never invest “a single cent” in the cryptocurrency and recommended others to do the same.
Michael O’Leary said:
“I have never, and would never, invest one cent in bitcoin, which I believe is equivalent to a Ponzi scheme.”
He further added:
“I would strongly advise everyone with any shred of common sense to ignore this false story and avoid bitcoin like a plague.”
O’Leary’s Fake Involvement into Bitcoin Lifestyle Scam
O’Leary’s statement about Bitcoin being a Ponzi scheme follows a fake interview about the coin between Ryan Tubridy and Ryanair CEO on The Late Late Show. Numerous websites have used his name and image in ads to promote a crypto scam called Bitcoin Lifestyle. Besides, they claimed he was taking part in the programme himself:
“The Late Late Show host Ryan Tubridy was left in disbelief as Michael pulled out his phone and showed viewers how much money he’s making through this new money-making programme that has everybody in Ireland whispering.”
Fake ads attributed the following words to O’Leary:
“I’m glad I tried [Bitcoin] because it was some of the biggest and easiest money I have ever made. I’m talking tens of thousands of euro[s] a day on autopilot.”
Other figures the scam featured included Simon Cowell, Sir Philip Green, Holly Willoughby, Lord Sugar, and Jeremy Clarkson. The fraudsters used the celebrities’ images and made up quotes to lure investors into a cryptocurrency ripoff.
Ryanair CEO Is Wrong about Bitcoin
A Ponzi scheme is an investment fraud that promises clients a large profit at little to no risk. It pays profits to earlier investors with funds from more recent investors. And it has nothing in common with Bitcoin.
Firstly, in comparison with Ponzi, there is no company or person who wants to make a direct profit of Bitcoin. Secondly, each address is separate, and those who recommend buying Bitcoin get no profit. Further, unlike Ponzi, Bitcoin is a free asset and anyone can buy as much as they want. Besides, nobody ensures the return on the investment made, and BTC price is growing as the coin’s limited supply makes the demand to grow.
Therefore, O’Leary is wrong in his statement, considering Bitcoin a Ponzi scheme is just his personal rejection of the cryptocurrency.