The debate over whether cryptocurrency is a legitimate investment or an elaborate scam is one of the most polarising in modern finance. Crypto believers point to Bitcoin's extraordinary 15-year track record, the genuine utility of blockchain technology, the growing institutional adoption by BlackRock and Fidelity, and the fact that El Salvador and other nations have adopted Bitcoin as legal tender. Crypto sceptics point to the FTX collapse, the Terra Luna wipeout, the endless parade of rug pulls and fraud, the extreme volatility, and Warren Buffett's famous description of Bitcoin as rat poison. Both sides have compelling arguments. Both sides have been spectacularly right and spectacularly wrong at different moments. Is crypto a real investment or the greatest scam in financial history?
