The famous Indonesian novel writer, Tere Liye, issued a sharp criticism of the crypto phenomenon via upload on social media on Sunday (18/1/2026), amidst the high number of cases of alleged fraud directed at Timothy Ronald and Kalimasada from Crypto Academy.
In his statement, Tere Liye assessed that crypto assets are more filled with the illusion of instant wealth, speculation and the urge to seek quick profits, rather than real benefits for the wider community.
According to Tere Liye, many people have become rich from crypto, just as some have become rich from gambling on lineponzi schemes, and similar practices.
However, he reminded the public to note down a number of facts before jumping into the world of crypto. He highlighted that there are currently around 120 million crypto tokens in circulation, and anyone can create their own tokens easily.
“Crypto is just an algorithm, not gold which has a real function,” wrote Tere Liye.
He explained, of the tens of millions of tokens, only around 10,000 tokens are still actively traded. Bitcoins controls around 59 percent of the global crypto market, followed by 10 to 20 other large tokens which control around 20 percent. The rest are thousands of small tokens, most of which fail to survive in the market.
Tere Liye also emphasized that the increase in crypto prices is very dependent on the influx of new money from investors. Without the flow of new capital, according to him, it will be difficult for token prices to continue to rise. He believes that this mechanism resembles a pyramid scheme pattern, where old players benefit from the entry of new players.
Apart from that, he questioned the claim that crypto is used as a means of daily transactions. According to him, only around 0.01 percent of the total crypto value is actually used for real transactions, while most of it only functions as a high-risk speculation instrument.
“Duh, here’s the thing fans crypto,” he added.
Crypto is said to be similar to a speculative scheme
Although many netizens’ comments on the upload agree, Tere Liye’s views are in line with the criticism of a number of well-known figures towards the crypto industry. Late Charlie MungerVice Chairman of Berkshire Hathaway and longtime partner of Warren Buffett, is known as one of the harshest critics of crypto.
Munger once called crypto something “ludicrous” and more like gambling than a serious investment. He believes that crypto does not provide real fundamental value for society, apart from mere price speculation.
Similar criticism also came from the world of politics. Last May, Gerard RennickSenator from Australia, said Bitcoins as a schematic Ponzi. He believes crypto does not have strong fundamental value and is more dependent on investors’ hopes that prices will continue to rise, a characteristic often associated with speculative practices.
In the US, actor Ben McKenzie has also become a critical voice towards the crypto industry. McKenzie thinks the crypto market is full hypemanipulation and potential fraud. He even testified before the US Senate regarding the impact of the crypto market collapse due to the case FTX.
In his book Easy Money: Cryptocurrencies, Casino Capitalism, and the Golden Age of FraudMcKenzie described crypto as a form of “casino capitalism” rife with risks and unhealthy practices.
In this context, Tere Liye believes that crypto is not an asset that can be compared to gold. He emphasized that gold has a real function in jewelry and industry, while crypto is just a digital code with no direct utility in the physical world.
Tere Liye’s Message to the Community
Through his statement, Tere Liye invites people to think more than a hundred times before jumping into the world of crypto. He judged crypto assets It is very vulnerable to losing value in a short time, so it cannot be used as the main support for long-term financial security.
Tere Liye also highlighted that the crypto phenomenon reflects the fragile nature of human wealth. He suggested that wealth could disappear in an instant, as in the stories of rich figures in history who ultimately died without taking anything with them.
Instead of pursuing speculative profits, Tere Liye encourages people to focus more on productive activities and work that benefits others. According to him, wealth should be seen as a bonus, not the main goal of life.
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