Actor Ben McKenzie believes that an 80% rally of Bitcoin in the year 2023 is not enough to prove the legitimacy of cryptocurrencies. During an episode of CNBC’s “Squawk Box”, McKenzie described cryptocurrencies as “Ponzi schemes or multi-level marketing schemes” and argued that the majority of people lose out while only a few, like exchange owners and VC firms, benefit.
McKenzie called for the need to better regulate and license the crypto market, citing the SEC’s lawsuit against Coinbase Global Inc and Binance for violating U.S. securities laws as a step in the right direction. He believes that more sophisticated licensing could help turn crypto into a proper financial market, as it currently exists in a “gray area” between classified securities and commodities.
Despite his negative opinion of cryptocurrencies, McKenzie said that Bitcoin is at least limited in terms of supply, and Professor Carol Alexander of Sussex University predicted that the digital asset could reach $50,000 by the end of 2023.
