The head of Bank of International Settlements, the world consortium of central banks warned about the dangers of Bitcoin. He says the Bitcoin is one huge Ponzi Pyramid and will fall very soon. He add that this bubble will burst in the near future.

To prevent crypto currencies from becoming “parasites” on current financial infrastructure, he said that only those exchanges and products which met accepted global standards should be given access to payment and banking services.

After this announcement the price of Bitcoin falls under 6000 dollars. That is more than 24% compared to price in Monday.

Many countries such as India, South Korea are planning to ban crypto currencies exchanges, or at least regulate them. This will ( according to bankers) prevent people from losing money.

However, the point of blockchain is decentralized system.