Nick Leeson Sounds Bitcoin Alarm
A notorious ex-trader who knows a thing or two about speculation is warning investors to look before they leap into the digital currency pool.
Nick Leeson threw away £827 million of Barings Bank's money, bringing down the house that John and Francis Baring had built. He then spent four years in Changi prison before he was released because of his diagnosis of colon cancer. He was sent back to the U.K., and later moved to Ireland.
Leeson started his second career as a keynote speaker about risk and return in finance. He also managed Galway's football team – an Irish first-league team – for several years.
Now the «Rogue Trader» has weighed in on the ongoing cryptocurrency debate, warning investors to be wary of losing their money in what he calls a pyramid scheme. «For me it is potentially a big pyramid where as long as you can get your friends to invest in the market it will keep going up,» Leeson told Irish newspaper «The Sunday Business Post» (behind paywall).
