Actor Ben McKenzie has been making the rounds promoting his new documentary Everyone Is Lying to You For Money. McKenzie claims that cryptocurrencies are a Ponzi scheme, and that the sector is based on lies. On the other hand, Twitter and Block founder Jack Dorsey claims that Bitcoin (BTC) is money. So which one is it? Is Bitcoin (BTC) a Ponzi scheme, or is it money? Let’s discuss.

Dorsey Vs. McKenzie: Is Bitcoin A Ponzi Scheme, Or Money?

In recent interviews, McKenzie has claimed that Jeffrey Epstein was into Bitcoin (BTC) before 90% of the people knew of its existence. He highlights that Epstein had a hand in Bitcoin’s (BTC) early developments, through donations in MIT Media Labs. According to McKenzie, Epstein also funded the popular crypto exchange Coinbase. McKenzie is a big crypto skeptic, repeatedly calling it a modern Ponzi Scheme.

Jack Dorsey, on the other hand, is a prominent promoter of Bitcoin (BTC). Dorsey claims that BTC acts more like money than a store-of-value. Dorsey’s Block (formerly known as Square) is a financial technology company that focuses on Bitcoin and blockchain infrastructure.

However, according to the US SEC, neither McKenzie nor Dorsey are right in their definition. The SEC and the CFTC recently came into agreement and called Bitcoin (BTC) a non-security digital asset, more aligned to being a commodity.

Also Read: Senators Seek Ethics In Clarity Act, Eye Trump’s Crypto Empire

Moreover, the US may be inching closer to giving further regulatory clarity on Bitcoin (BTC) and the larger crypto industry after potentially passing the Clarity Act sometime late next month. The Clarity Act will most likely continue maintaining BTC’s position as a commodity and a non-security. Having more regulatory clarity will likely lead to more awareness about Bitcoin (BTC), while also addressing some of the risks associated with the crypto industry.