“Ponzi scheme” has become a byword for all manner of financial frauds and monetary scams. When a rapid six month collapse erased $2T (trillion) from crypto market capitalization in 2022, mainstream media outlets were quick to again label cryptocurrencies, including Bitcoin, Ponzi schemes.

Writing in the Chinese People’s Daily online edition, Shan Zhiguang and He Yifan, representing the Chinese Blockchain-based Services Network (BSN), claimed:

Ever since Satoshi Nakamoto released “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008, leading to the official birth of Bitcoin, the debate surrounding virtual currency (Cryptocurrency) has never stopped for a moment. [. . .] In its essence,…

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