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Jamie Dimon is just one finance leader not buying the bitcoin hype as it heads back to its record high. Here are 18 other skeptics. | Currency News | Financial and Business News

by Bestloancredits
October 17, 2021
in Finance
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Whereas an increasing number of Wall Avenue companies and retail traders are embracing bitcoin and different cryptocurrencies, JPMorgan boss Jamie Dimon is not taking part in together with the crypto mania.

He just lately slammed the digital asset as “nugatory,” and questioned whether or not its provide can in truth be capped at 21 million. Beforehand, he is mentioned he wouldn’t care even when bitcoin’s value soars tenfold.

Bitcoin tested $60,000 within the week to October 15, nearing its document excessive of $64,863, and is up 104% thus far this yr.

In the meantime, institutional adoption of digital property has strengthened as long-term time period traders continued to buy into bitcoin and ethereum.

Many influential tech billionaires – corresponding to Elon Musk, Mark Cuban, and Mike Novogratz – have heaped reward on cryptocurrencies for his or her potential. Within the monetary world, the image is completely different, and there are a number of leaders who cannot discover a good phrase to say about digital property.

Listed below are 18 massive monetary gamers who’re additionally massive bitcoin skeptics.

1. Jerome Powell

Jerome Powell
Fed Chairman Jerome Powell.

Pool/ Getty Photos



“They’re extremely risky — see bitcoin — and due to this fact not likely helpful as a retailer of worth and usually are not backed by something.”

“It is extra a speculative asset that is basically an alternative choice to gold slightly than for the greenback.”

March 2021

Supply: CNBC

2. Michael Burry

Dr. Michael Burry
‘Massive Brief’ investor Michael Burry

Astrid Stawiarz/Getty Photos



“$BTC is a speculative bubble that poses extra danger than alternative regardless of many of the proponents being appropriate of their arguments for why it’s related at this level in historical past.”

March 2021

Supply: Insider

3. Janet Yellen

Janet Yellen
Treasury Secretary Janet Yellen

Brendan Smialowski/AFP through Getty Photos



“I do not suppose that bitcoin is broadly used as a transaction mechanism.”

“It is an especially inefficient method of conducting transactions, and the quantity of power that is consumed in processing these transactions is staggering.”

February 2021

Supply: Insider

4. Warren Buffett

Warren Buffett
Berkshire Hathaway CEO Warren Buffett

CNBC



“Cryptocurrencies principally haven’t any worth they usually do not produce something. They do not reproduce, they cannot mail you a verify, they cannot do something.

“And what you hope is that any individual else comes alongside and pays you extra money for them in a while, however then that individual’s obtained the issue.”

“When it comes to worth: zero.” 

February 2020

Supply: Insider

5. Neel Kashkari

Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York, United States on February 17, 2016. REUTERS/Brendan McDermid/File Photo
Minneapolis Fed President Neel Kashkari.

Thomson Reuters



“I used to be extra optimistic about crypto or bitcoin about 5 – 6 years in the past. To this point, what I’ve seen is 99% … let me be charitable, 95% fraud, hype, noise and confusion.”

August 2021

Supply: Insider

6. Invoice Gates

Bill Gates on panel January 2021.JPG
Microsoft co-founder Invoice Gates

Jason Lee/File Photograph/Reuters



“I do suppose folks get purchased into these manias, who could not have as a lot cash to spare, so I am not bullish on bitcoin, and my basic thought can be that, you probably have much less cash than Elon, you must in all probability be careful.”

February 2021

Supply: Insider

7. Christine Lagarde

Christine Lagarde European Central Bank ECB
President of the European Central Financial institution Christine Lagarde

Thomas Lohnes/Getty Photos



Bitcoin is a “extremely speculative asset which has performed some humorous enterprise and a few attention-grabbing and completely reprehensible cash laundering exercise.”

January 2021

Supply: Insider

8. Charlie Munger

charlie munger
Vice Chairman of Berkshire Hathaway, Charlie Munger.

AP Photos / Nati Harnik



“I do not welcome a foreign money that is so helpful to kidnappers and extortionists, nor do I like simply shoveling out a number of further billions and billions of {dollars} to any individual who simply invented a brand new monetary product out of skinny air.”

Might 2021

Supply: Insider

9. Peter Thiel

Partner at Founders Fund Peter Thiel participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City.
Billionaire tech investor Peter Thiel.

Neilson Barnard/Getty Photos for New York Instances



“Though I am a pro-crypto, pro-bitcoin maximalist individual, I do wonder if at this level bitcoin must also be considered partially as a Chinese language monetary weapon in opposition to the US.”

“It threatens fiat cash, however it particularly threatens the US greenback and China needs to do issues to weaken it.”

April 2021

Supply: Insider

10. Ken Griffin

ken griffin citadel
Citadel Securities founder Ken Griffin.

REUTERS/Lucy Nicholson



“I want all this ardour and power that went to crypto was directed in direction of making america stronger.”

“It is a jihadist name that we do not imagine within the greenback. What a loopy idea that is, that we as a rustic embrace so many shiny, younger, gifted folks to provide you with a alternative for our reserve foreign money.”

October 2021

Supply: Insider

11. Gita Gopinath

Chief Economist and Director of Research Department at the IMF, Gita Gopinath, speaks during a news conference at the World Bank/IMF Spring Meetings, in Washington, Tuesday, April 9, 2019. (AP Photo/Jose Luis Magana)
IMF chief economist Gita Gopinath.

Related Press



“Bitcoin is an instance of a cryptocurrency that does not serve the function of cash in any respect. It is a very speculative funding class.”

“When it comes to substituting for what cash is, I do not suppose it comes shut.”

April 2021

Supply: Bloomberg

12. Nassim Nicholas Taleb

Nassim Taleb Getty Images 4
“Black Swan” creator Nassim Taleb.

Anton NovoderezhkinTASS through Getty Photos



“The whole failure of bitcoin in changing into a foreign money has been masked by the inflation of the foreign money worth, producing (paper) income for giant sufficient a variety of folks to enter the discourse properly forward of its utility.”

June 2021

Supply: Insider

13. Paul Krugman

paul krugman
Nobel-winning economist Paul Krugman.

Jeff Zelevansky/Getty Photos



“It is not a handy medium of change; it is not a steady retailer of worth; it is positively not a unit of account.”

“Its worth rests on the notion that it is a technologically refined approach to shield your self from the inevitable collapse of fiat cash, which is coming considered one of lately, or possibly considered one of these centuries.”

“Or, as I say, libertarian derp plus technobabble.”

Might 2021

Supply: Insider

14. Jeremy Grantham

jeremy grantham
Jeremy Grantham, chief funding strategist at Grantham, Mayo, & van Otterloo.

Bloomberg Tv



“Having no clear elementary worth and largely unregulated markets, coupled with a storyline conducive to delusions of grandeur, makes this greater than something we will discover within the historical past books the very essence of a bubble.”

January 2018

Supply: Bloomberg

15. Larry Fink

GettyImages 480950078
BlackRock CEO Larry Fink.

CNBC/Getty Photos



“I am in all probability extra within the Jamie Dimon camp.” — in reference to Dimon calling bitcoin “nugatory.”

October 2021

Supply: Insider

16. Nouriel Roubini

Nouriel Roubini
Economist Nouriel Roubini

Tom Williams/CQ Roll Name/GettyImages



“Basically, bitcoin shouldn’t be a foreign money. It is not a unit of account, it is not a scalable technique of fee, and it is not a steady retailer of worth.”

“Calling them cryptocurrencies is a misnomer, they don’t seem to be even property.”

February 2021

Supply: Insider

17. Jack Ma

Jack Ma
Alibaba co-founder Jack Ma

Stephane Mahe/Reuters



“Blockchain expertise may change our world greater than folks think about. Bitcoin, nevertheless, could possibly be a bubble.”

June 2018

Supply: Insider

18. Andrew Bailey

Andrew Bailey
Financial institution of England Governor Andrew Bailey.

TOLGA AKMEN/POOL/AFP through Getty Photos



“Given the volatility of the asset worth, and given the truth that there is not an actual asset underpinning them … I am afraid if you wish to purchase them, then please perceive you could lose — you would lose all of your cash.”

June 2021

Supply: Insider

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