Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will ‘End in Tears’

Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will 'End in Tears'

Interestingly, when attending to guests of an organization workshop, Kipng’& rsquo; etich does acknowledge that bitcoin currently satisfies among the conditions for it to be dealt with as currency. He stated:

Currency represents 2 main things; it is a legal tender and a shop of worth. So any currency is medium, I provide you so that you provide something.

Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will 'End in Tears'Julius Kipng’& rsquo; etich’.

Kipng & rsquo; etich & rsquo; s view of cryptocurrencies seems constant with that of some reserve banks. For circumstances, in its 2019 assessment paper on crypto properties, the South African Reserve Bank (SARB) likewise acknowledges that “& ldquo; crypto-assets have the capability to be utilized for payments (exchange of such worth) and for financial investment functions by crypto-asset users.”& rdquo;

Cryptocurrency Not a Store of Value

However, in regards to bitcoin being a shop of worth,Kipng & rsquo; etich argues that considering that this is not backed by federal governments it, for that reason, can not be viewed as a real shop of worth. According to the executive, just federal governments are mandated to release currency by virtue of their positions. The executive described:

Government is the custodian to control just how much worth has actually been offered. That’& rsquo; s why they release currency since it represents an output & hellip;Then the reserve bank represents that output in currency.

Therefore, when determined versus this requirement, cryptocurrencies like bitcoin are worthless or “& ldquo; hot air & rdquo; asKipng & rsquo; etich puts it.

Do’you concur with(*’) & rsquo; etich & rsquo; s characterization of cryptocurrencies asKipng plans? Ponzi us what you believe in the remarks area listed below. Tell.

Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 1-2 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
These trading signals help earn from 20% to 150% profit in just a few hours after purchasing the coins published on the Telegram channel “Crypto Pump Signals for Binance”. Are you already making a profit using these trading signals? If not, then try it! We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP users of the Crypto Pump Signals for Binance channel. Examples can be seen on this page!
John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

Leave a Reply