While we usually hear news about our favourite celebs doting on the phenomenal concept and technology behind blockchain and cryptos, there are other figures who are just not that into the whole digital fad!
Although several prominent Hollywood A listers and politicians such as Al Gore, Ashton Kutcher and even Bill Gates have shown an avid interest in Bitcoin and do not consider it a good investment!
These heavy lifters and unabashed crypto naysayers do not think the Bitcoin fever will last long and urge their followers (and even their employees in some cases) to drop the digital drama.
Vladimir Putin
The President of Russia and multiple meme originator, Vladimir Putin is also not a big fan of cryptos when he claimed that, “Bitcoin creates opportunities to launder funds acquired through criminal activities, tax evasion, even terrorism financing, as well as the spread of fraud schemes.”
Warren Buffet
Regarded as one of the most influential investors of our time, Mr. Buffet said in an interview with CNBC, “Stay away from it. It’s a mirage, basically,” and further added, “The idea that it has some huge intrinsic value is just a joke in my view.”
Mohamed A. El-Erian
The Chief economic adviser for Allianz, Mohamed A. El-Erian took a rather confused stance on the digital currency when he stated in an interview with CNBC that although “it is a disruptive technology, the current pricing assumed massive adoption. ” He further elaborated that although it showed promise of blowing up, governments just wouldn’t allow that to happen and it wouldn’t work as anything more than just another peer-to-peer currency model.
Janet Yellen
The Chairman of the U.S Federal Reserve stated in an interview, “It is not a stable store of value, and it doesn’t constitute legal tender. It is a highly speculative asset.”
Jamie Dimon
CEO of JPMorgan Chase and Co. had a LOT to say about the crypto world and sadly none of it was too good. According to Bloomberg, he is even said to have fired his own employees on grounds of stupidity when they were found investing in Bitcoin! He said, “It’s a fraud. If a JPMorgan trader began trading in bitcoin, I’d fire them in a second. For two reasons: It’s against our rules and they’re stupid. And both are dangerous.”
He also stated, “If you are stupid enough to buy Bitcoin, you will pay a price for it one day. Governments are going to crush Bitcoin one day. There is use case for Bitcoin if you live in Venezuela, North Korea or if you are a criminal… great product!”
Ouch!
Robert Schiller
Nobel Prize winner for his work on Bubbles and Professor at Yale University, Robert Schiller said, “Bitcoin rise resembles that of a bubble. I don’t know, maybe it’s possible that you can still ride this bubble on bitcoin. But I keep thinking there’ll be other currencies, other ideas that will come up and will eclipse this one. So it’s risky.”
