‘A pyramid scheme,’ ‘worth nothing,’ ‘not reliable’: Crypto is being savaged at Davos by critics. Here’s a list of who said what

‘A pyramid scheme,’ ‘worth nothing,’ ‘not reliable’: Crypto is being savaged at Davos by critics. Here’s a list of who said what

A “pyramid scheme,” “worth nothing,” and “not reliable”—cryptocurrencies have been given a scathing review by top officials gathering in Davos, Switzerland, for the World Economic Forum’s 2022 meeting.

Digital assets are a hot topic after the collapse of stablecoin TerraUSD sparked a major cryptocurrency crash this month, with around $1 trillion wiped out of the market.

Bitcoin, once worth more than $54,000, was trading at $23,424 on Tuesday, according to Coinbase, and is down by around 37% year to date. Other popular cryptocurrencies, like Ethereum and Solana, have seen even bigger year-to-date losses.