this is not the first time bitcoin has been likened to a Ponzi scheme. Unlike traditional currencies, bitcoin isn’t used to buy goods and services in much of the world. Most owners are holding it as an investment, hoping for price appreciation. The digital currency’s value increased 14-fold last year, before crashing by 44 per cent so far this year. Furthermore, bitcoin is owned by a few, who have a huge sway over the cryptocurrency’s price. About 1,000 people own 40 per cent of all Bitcoin