Daily Flash | The stablecoin is a "pyramid scheme", which will eventually fall apart；The governor of the Bank of England thinks Bitcoin is worthless

Today's Topic - The stablecoin that lacks the support of asset reserves is a "pyramid scheme" and will eventually fall apart?

On May 24, the world economic forum was being held recently. Kristalina Georgieva, the President of the International Monetary Fund (IMF), said in a speech at the Forum on Monday that the stablecoin without asset reserve support is a pyramid scheme, and suggested that the collapse of UST and Luna had an impact on the cryptocurrency market.

"If it's not backed by asset reserves but promises a 20% return, it's the pyramid scheme - what happens to the pyramid? They'll eventually fall apart," she added.

Can stable coins stand the test of time and will they really fall apart?

Today's Chart - The total lock-up volumes of Layer 2 Ethereum fell to $4.77 billion, down 3.04% on the 7th

According to the L2BEAT data, the current total lock-up volume of Ethereum’s Layer 2 fell to $4.77 billion, down 3.04% on the 7th.

Among them, the top three projects by lock-up volume were Arbitrum ($2.65 billion, down 3.75% on the 7th), dYdX ($953 million, up 0.12% on the 7th) and Optimism ($474 million, down 3.44% on the 7th).

Some analysts believe that L2 is about to usher in a major outbreak. What do you think?

Today's Influencer - Bank of England Governor: Bitcoin has no intrinsic value, but the underlying technology does have value

On May 24, Andrew Bailey, governor of the Bank of England, talked about the future of Bitcoin and cryptocurrency in a podcast on "Jobs of the Future". He reiterated that Bitcoin has no intrinsic value and is not a practical way of payment. Bailey believes that Bitcoin can only have external value, which just means that people want to own and acquire it as a means of storing value.

When talking about which form of digital currency will evolve into widespread use, Andrew Bailey thought it would not be cryptocurrency and said that Bitcoin is not a practical way of payment. However, Andrew Bailey acknowledges that the underlying technology of Bitcoin seems to be valuable, and blockchain and distributed ledger technology should be respected.

Hot events yesterday - #Bill Gates says cryptocurrencies have no value; #Do Kwon does not support burning LUNA#

Bitcoin held by the exchange continued to decline, and more than 68% of the total BTC was held by five exchanges

Bill Gates: Cryptocurrency has no value. It doesn't contribute to society

ECB president Lagarde reiterated: cryptocurrencies are not currencies

Balenciaga will accept cryptocurrency in the United States

Do Kwon does not support burning LUNA tokens

Author: Gate.io Researcher Byron B. Translator: Joy Z.
* This article represents only the views of the researcher and does not constitute any investment advice.*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.