Everybody’s catching bitcoin fever these days as the cryptocurrency craze reaches new heights. But a financial analyst who’s been watching the digital alternative to fiat currency unfold over the past several years says that people should be carefulbecause cryptocurrency isn’t real, and in many ways resembles what some have colloquially referred to as a pyramid scheme.

While seemingly innovative on its surface, the cryptocurrency format is hardly a guarantee of financial security, warns Howard Marks. As risky as things like Federal Reserve Notes are, since they, too, are backed by nothing but a promise of value, cryptocurrencies like bitcoin are similarly questionable because they don’t technically exist.

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