UK Secretary Diane Abbott: If Everyone Used Bitcoin “The Whole Thing Would Collapse”

Diane Abbott, the Shadow Home Secretary, informed The House that Bitcoin was “just a giant Ponzi scheme” and promised that the Labour Party, which she is a member of, will regulate cryptocurrency if Diane wins the elections. Express news site reported this on Friday, the 2nd of March.

Bitcoin could collapse at any moment, Abbott said, emphasizing her point by saying that the UK authorities should limit the spread of the country’s cryptocurrency.

Diane Abbott also agrees with the statement made by the Governor of the Bank of England Mark Carney about the need to keep the BTC and other cryptocurrencies to “the same standards” as in the rest of the financial system.

“We are looking at the Bitcoin issue. One of the problems with Bitcoin is the extent to which it is just a gigantic Ponzi scheme,” — the Shadow Home Secretary went on. “And if everyone took their bitcoin money and tried to buy a new car all at once the whole thing would collapse.”

Abbott is not the only public figure who has sharply criticized Bitcoin for the past month. Matthew Lescot, who became famous in the 1990s, writing books on how to get federal grants from the US government, called cryptocurrency “fraud”, and also called Bitcoin “deception”.

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