Top 10 Bitcoin critics

The community has always been very supportive of Bitcoin, but this has not been the case for everyone, some well-known public figures have expressed worries and critics on Bitcoin and (or) blockchain technology. Below we will discuss some of these critics.

1. Jamie Dimon:

Jamie Dimon, CEO of JP Morgan Chase, referred to bitcoin as a scam and even said to his traders that if they would buy it he would fire them. These public words were widely shared and remembered by many.

That is why, several months later, the world could notice the turnaround when JP Morgan said to be hoping to start its cryptocurrency, JPM Coin. Umar Farooq, head of digital treasury and blockchain services at JP Morgan, stated that the bank’s stable coin has the potential to enable “instant delivery”. 

At this time, Jamie Dimon stated that the bank’s core business is unlikely to be threatened by crypto, he also stated that they provide healthy competition.

2. Niall Ferguson:

Niall Ferguson, a world-famous historian and author of fourteen books such as The Ascent of Money, stated that Bitcoin in itself is “only money in a very limited sense”, stressing that the oldest cryptocurrency is incapable of being money as a means of payment due to massive volatility.

At the Australian Financial Review Business Summit, he told the audience that he was very wrong. “Wrong to think there was no use for a currency based on blockchain technology.”. He realized this after 5 years and added – Bitcoin was the “worst investment decision of his life”, meaning he should have been buying it instead of staying on the side of it.

 3. Joe Weisenthal:

Joe Weisenthal who is a former Business Insider editor wrote in a feature titled “Bitcoin Is A Joke” that Bitcoin is a bubble. “Make no mistake, Bitcoin is not the currency of the future. It has no intrinsic value.”

After a month of this feature, he also said “I am changing my mind about Bitcoin”. He wrote – “I used to think it was a joke or at best a currency for clowns. Now, I no longer think that. Now, I don’t know what its future is”  

Weisenthal believes that Bitcoin has only one critical use case: facilitating negotiations that governments and regulators do not want anyone to do. This makes cryptocurrency an ideal tool designed to serve criminals.

Cryptotop10 comments:

We do not think Bitcoin and other cryptocurrencies are designed for criminals. We do think that it is meant not only for all people that are seeking independence from the current financial world, but also for the people that want to hedge against it thinking that the current system is falling.

4. Don Tapscott:

In the world of crypto, most of the people know Don Tapscott as the co-author of the book “Blockchain Revolution” and also as the foundation of the Toronto-based Blockchain Research Institute. In an interview in Toronto school, he said about Bitcoin that – “I’ve changed my mind. I used to think it would never fly; now I think it’s not only going to fly as a currency, but the underlying blockchain technology is a core part of the next generation of the internet, that will radically transform many of our institutions in society.”

5. Kevin Roose:

New York Times journalist and author Kevin Roose wrote a feature once which was titled “I Bought a Bitcoin: How I Joined a Virtual Currency Megabubble” for New York Magazine. However, in 2017, he wrote for a New York Magazine article – “I Was Wrong About Bitcoin” starting by explaining that the Bitcoin he sold for 140$ would be worth 15.000$ at the time he wrote the article. His key points were “I assumed that Bitcoin’s future depended on its everyday use” , “I assumed that the blockchain would eclipse Bitcoin itself”, “I assumed that regulators would crack down faster”, “I assumed that Wall Street would stay away”, “I assumed that Bitcoin’s extreme volatility would be a turnoff”. He goes into detail in the article, which although written in 2017, now in 2020 we can confirm all prediction that was written was correct.

6. Wikipedia:

In an event in Berlin, Jimmy Wales who is a founder of Wikipedia said that he has Zero Interest in Bitcoin and cryptocurrencies. In interviews, he stated many times about the negativity of cryptocurrencies, even calling ICO`s a scam.

However, after some time, he started saying “It’s a super-interesting technology, but it’s a bubble with a lot of mania and hype around it.”. Wikipedia, which is currently living from donations, currently accept cryptocurrency as payment to help them. This show us than Jimmy Wales changed his mind on the cryptocurrency topic.

7. Warren Buffet:

Warren Buffet who is an American investor, philanthropist, and well-known business tycoon, said about Bitcoin that he considers it as worthless and he also promises that he will never own any crypto. He trashes Bitcoin, in a CNBC interview he said, “Cryptocurrencies have no value and you can’t do anything with it except sell it to somebody else.”

However later on, probably after more research and receiving advises on the topic, he stated that he believes “Blockchain has great potential and many companies in his portfolio are studying it, e.g. JP Morgan”, he even had a charity dinner with well-known cryptocurrency creator Justin Sun. We now hope that this will rise his curiosity about those unique kinds of assets and will indefinitely change his mind.

8. Brian Kelly:

Brian Kelly is the founder and CEO of BKCM LLC, a digital currency investment firm. He is also the portfolio manager of the BKCM Digital Asset Fund and the Rex BKCM Blockchain ETF (NYSE: BKC).

Investing correspondent Brian Kelly said on CNBC’s Fast Money program in 2013 that he was likely to buy Bitcoin on Mt. Gox to cash in on the “Tulip Mania” in order to gain “fast money”

After one year, he stated that he changed his views about Bitcoin, he even went on the deeper involvement, writing a book “The Bitcoin Big Bang” which the purpose is to spread awareness about digital currencies.

9. Mark T Williams:

Mark T Williams is a risk management expert and financial author. In an interview with CoinDesk, Mark T Williams opened up about his popular prediction, offering a defiant analysis of why he is still convinced the current Bitcoin’s high price will not remain for long. He said to CoinDesk – “I continue to stick to my 2013 prediction that Bitcoin is grossly overpriced and the price will eventually adjust dramatically downward as the priced-for-perfection expectations set by Bitcoin promoters cannot be met.”

However, in the same interview he stated that “I think I see virtual currencies as something of the future.”, which is something new from his 2013 predictions.

Cryptotop10 comments:

Seeing virtual currencies as something of the future is a good start. But Mark T Williams should really open his mind on Bitcoin as being a store of value kind of asset more than being a currency, the true digital gold. If gold has value, then Bitcoin must have also.

10. Peter Schiff:

As CEO of Euro Pacific Capital, Peter Schiff is an important defender of gold. He is famously known in the crypto community from raising concerns about Bitcoin from his Twitter account. He frequently posts about gold being absolutely more valuable than Bitcoin should ever be.

However, there was a famous event where he lost all his credibility from the people following him. It started with him publishing from his Twitter account that the little of Bitcoin he owns (that was given to him) was lost and so that the Bitcoin technology is a scam, he said “I knew owning Bitcoin was a bad idea, I just never realized it was this bad!” . He then explained more, and the public found out that the problem was because he forgot the password of his crypto wallet.

Cryptotop10 comments:

We believe that Peter Schiff should be more open minded about Bitcoin. He assigns great value to gold, but Bitcoin has some of the same characteristics as gold.  Peter has shown the world that he is unable to understand the technology

Judging always prevents the understanding of a new truth. Our advice for peter is that he should free himself from the rules of old judgments to create space for new understandings.

Peter Schiff’s dismissal of Bitcoin has been publicly criticised the most by Bitcoin pioneer Max Keiser. Who recently stated “Bitcoin is unencumbered by intrinsic or utility value and that that is the big reason why it’s better than gold“.

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