So, I was reading crypto news, again, and found something interesting. The Chief Economist of LendingTree Tendayi Kapfidze declared the Bitcoin to be a Pyramid Scheme and a scam at Yahoo Finance live tv show. Here is the full video.

What is interesting here that this is not the first time something like that happens - far from it. There is even a web page dedicated to Bitcoin obituaries. So far 379 times. But hey, I want to comment of the Mr. Tendayi Kapfidze's statement:

"I know exactly what’s there, it’s a ‘Pyramid’ scheme. You only make money based on people who enter after you… It has no real utility in the world. They’ve been trying to create a utility for it for 10 years now, so it’s a solution in search of a problem and it still hasn’t found a problem to solve."

Let's put this into perspective. For whoever doesn't know LendingTree, the company that Tendayi works for is in the business of issuing of FIAT loans. Here's the Wikipedia description of their business:

"LendingTree, is America's largest online lending marketplace. It connects borrowers with multiple lenders so they can find the best deals on loans, credit cards, deposit accounts, insurance and more. LendingTree allows borrowers to shop and compare competitive rates and terms across an array of financial products."

So what I understand from this is that this company(LendingTree, found 1996) and perhaps many of their kind are really, really feeling threatened by the rise of cryptocurrencies, especially with large players on the market such as Nexo, Crypto.com and others, which are taking large chunk of the pie when it comes to money lending. 

Of course those Economists are making the critical argument that the Bitcoin(and other coins) does not have any worth compared to the FIAT. But the fact is that since 1971 when the Gold Standard was abandoned and the "FIAT" was introduced the money(USD, GBP, Eur, etc) have value only because the governments say so. The Gold Standard allowed the only amount of money from specific currency to be equal to the amount of gold that was backed of in the Federal reserve (in US and other countries). However, in 1971 that was abandoned and since then money can be printed by the central banks as much as they want without any coverage from anything. Another argument made from Economists is that you cannot "touch" the bitcoin. But hey, do you guys know that in the world exist certain amount of dollars in trillions and ONLY about 30% of them are actually "printed" money. The rest of them are in the form of "1"s and "0"s in the banking softwares all over the world. Does this really look so different from the Bitcoin?

Anyway, bottom line is: Bitcoin is here to stay and every Bank and Finacial institution that does not start adapt is afraid. There will be a huge resistance to the Crypto adoption from Banks, Governments, large corporations that at some point will probably start to resemble a "war". 

I have already decided which side I will pick.