<p>Tendayi Kapfidze, chief economist at Nasdaq-listed online lending marketplace Lending Tree, has said that bitcoin is a “pyramid scheme.”</p> <p>“You only make money based on people who enter after you,” Kapfidze <a href="https://finance.yahoo.com/news/economist-bitcoin-is-a-pyramid-scheme-204217615.html">told</a> Yahoo Finance in an interview published Thursday. He added that bitcoin has “no real utility.”</p> <p>“They’ve been trying to create a utility for it for ten years now. It’s a solution in search of a problem and it still hasn’t found a problem to solve,” said Kapfidze.</p> <p>Bitcoin has earned many monikers in its 11 years of existence - a "<a href="https://www.vox.com/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value">scam</a>" (by Bill Harris, founding CEO of PayPal); "<a href="https://www.foxbusiness.com/markets/bitcoin-is-rat-poison-berkshires-charlie-munger-says">rat poison</a>" (by Berkshire Hathaway vice chairman Charlie Munger) and "<a href="https://www.youtube.com/watch?reload=9&amp;v=mldCPQ4ypYM">rat poison squared</a>" (by billionaire investor Warren Buffett), among others.</p> <p>Yet, a recent report from Bank of America names bitcoin the <a href="https://edition.cnn.com/2019/12/17/investing/best-worst-investments-decade-bitcoin/index.html">single best investment</a> of the last decade. The report said if you invested $1 in bitcoin at the start of 2010, it would now be worth more than $90,000. Last year alone, the value of one bitcoin rose more than 85%, making it one of the top-performing financial assets in the world.</p>