Yes those economists have been criticizing Bitcoin for years and while criticizing
Crypto have included Bitcoin too.
They have since then come around to some degree to understanding the benefits
Bitcoin can offer and more importantly to them how they can profit from it.
I made similar posts a few years ago with more quotes from Jamie Dimon,
Warren Buffet and Nouriel Roubini.
Dr.Doom - Nouriel Roubini
Dr.Doom is actually a nickname for a number of BEARS over the years, There is a
list of them here on this
ARTICLEbut for this thread its all about BItcoin so I’m posting about Nouriel Roubini.
Nouriel Roubini is somebody which has evaded my attention until I started writing an
article on
Jamie Dimon. The Name Dr.Doom came up and I was intrigued.
Nouriel Roubini is an American Economist who is known for his gloomy economic
warnings and has been a staunch critic of Bitcoin over the years, so like my threads
on Warren Butffet and Jamie Dimon I would like to list his Bitcoin related statements
which unlike JD have not softened over the years until November of last year where he
seems to acknowledge some understanding of Bitcoin, but I suppose his nickname is there
for a reason.
A lot of his commentary is centered around the 2017/2018 “Bubble” he talks some sense
really and its interesting to hear his views in relation to what happened then.
like all critics of Bitcoin the decentralized nature of it grates against their traditional
FIAT economic view.
Criminality again is mentioned in his statements a lot, it’s the same line we are hearing
already this year from government financiers and is their go to argument for regulation.
2018 February 2nd –
Biggest Bubble in History“We can’t allow it to become the next Swiss bank account for use by criminals and
people evading tax.”
2018 October 11th –
Bitcoin is the ‘mother of all scams’Bitcoin is the ‘mother of all scams’ and blockchain is the most hyped tech ever
2019 April 11th –
Most crypto people are totally cluelessThey want to reinvent everything about money, but most of them are absolutely totally clueless.
The ratio between arrogant and ignorant is astounding – I have never seen such a gap in my life.
These are fanatics. Some of them, like criminals, zealots, scammers, carnival barkers, insiders
who are just talking their book 24/7.
2020 March 9th –
So BTC is a shitty shitcoin hedge in risk-off cases2020 November 13th –
Crypto’s Fiercest Critic—Has Admitted Bitcoin Could Be A ‘Store Of Value’"[Bitcoin is] maybe a partial store of value, because, unlike thousands of other what I call shitcoins,
it cannot be so easily debased because there is at least an algorithm that decides how much the
supply of bitcoin raises over time…”
2020 December 24th –
Bitcoin's 'hyperbolic bubble is going to go bust'“First of all, calling it a currency — it’s not a currency. It’s not a unit of account, it’s not a means of
payment.…it’s not a stable store of value. Secondly, it’s not even an asset,”
“While in the case of Bitcoin, there is no income, There is no use. There is no utility. The only thing
is a speculative, self-fulfilling kind of rise, and that rise is driven totally by manipulation.”
“The price of Bitcoin is totally manipulated by a bunch of people, by a bunch of whales. It doesn’t have
any fundamental value,”
“We’re close to the point where the hyperbolic bubble is going to go bust.”
Warren Buffett – CEO Berkshire Hathway
Is considered to be the 4th wealthiest person in the world. He has invested in Coca-Cola in the 80’s,
this is probably their best known investment along with investing in Apple.
He was listed in 2007 in the Times 100 most infleuential people and has donated Billions of dollars to various charities.
He has written numerous books and is known to like telling stories so no doubt he also likes his quotes
to reach far and hit hard and is a very outspoken critic of Bitcoin and Crypto.
After seeing recently some tweets aimed at Buffett and quoting the famous RAT POISON attack by Buffett I decided to
list his other quotes against Bitcoin.
Michael Saylor
@michael_saylor · Jan 6
"Warren Buffett famously called bitcoin “rat poison.” He may well be right. #Bitcoin could be rat poison,
and the rat could be cash." -Bill Miller, CFA
Warren Buffett famously called bitcoin “rat poison.” He may well be right. Bitcoin could be rat poison,
and the rat could be cash.
March 14th 2014 -
https://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html#close“Stay away from it. It’s a mirage, basically,”
November 6th 2017 -
https://www.forbes.com/sites/johnwasik/2017/11/06/why-buffett-sees-bitcoin-bubble/?sh=38f186e462a8“You can’t value bitcoin because it’s not a value-producing asset...it's a real bubble in that sort of thing.”
"It doesn't make sense. This thing is not regulated. It's not under control. It's not under the supervision
[of] any...United States Federal Reserve or any other central bank. I don't believe in this whole thing at all.
I think it's going to implode."
January 10th 2018 -
https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,”
“Why in the world should I take a long or short position in something I don’t know anything about.”
May 1st 2018 -
https://www.cnbc.com/2018/05/01/warren-buffett-bitcoin-isnt-an-investment.html“If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything,”
“You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks
he’s going to find someone that’s going to pay more. You aren’t investing when you do that, you’re speculating.”
“The idea that it has some huge intrinsic value is just a joke in my view,”
May 5th 2018 -
https://www.cnbc.com/2018/05/05/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html#:~:text=%20Warren%20Buffett%20says%20bitcoin%20is%20%E2%80%98probably%20rat,Quick.%20Buffett%20is%20presiding%20at%20Berkshire...%20More%20“probably rat poison squared,”
February 25th 2019 -
https://www.cnbc.com/2019/02/25/warren-buffett-says-bitcoin-is-a-delusion.html#close“Bitcoin has no unique value at all,”
“It is a delusion, basically.”
“It attracts charlatans,”
February 24th 2020 -
https://markets.businessinsider.com/currencies/news/warren-buffett-blasts-bitcoin-worthless-vows-never-own-crypto-value-2020-2-1028932272"Cryptocurrencies basically have no value," Buffett said. "They don't produce anything."
"You can't do anything with it except sell it to somebody else," he added. "But then that person's got the problem."
"Bitcoin has been used to move around a fair amount of money illegally,"
Jamie Dimon – CEO JP Morgan Chase
Jamie Dimon was a staunch critic and another interesting figure in regards to Bitcoin,
I say “was” because in a recent interview he doesn’t seem to be as quick to slate it.
His recent comment was “its not my cup of tea” which has softened considerably
from his famous comment “It is worse than tulips bulbs,” which references the massive
speculative Tulip market bubble in Holland in the early 1600’s
Eventhough JD was not a fan of Bitcoin he has an understanding of how it worked and is
interested in Blockchain technology stating “Its a technology which we’ve been studying,
and yes its real, it can probably reduce the cost of doing business. If it proves to be cheap
and secure, it would be adapted for a whole bunch of stuff”
He realized that moving into Blockchain was the least JP Morgan could do and created their
own coin JPMcoin which is pegged to the Dollar unfortunately for them.
Another interesting move by JP Morgan was they added Coinbase and Gemini Trust to their client list.
JPMorgan Chase & Co. agreed to take on two Bitcoin exchanges as banking clients in a move that shows
the company getting more comfortable with an industry its top leader once spurned.Some of Jamie Dimons previous comments
2015 – November 5th –
“This is my personal opinion, there will be no real, non-controlled currency in the world.
There is no government that’s going to put up with it for long …
there will be no currency that gets around government controls.”
2016 – January 10th “Bitcoin the currency is going nowhere. There is nothing behind it, and if it was big the governments would stop it,”
2017 – September 21st“is a fraud.”
“The currency isn’t going to work. You can’t have a business where people can invent a currency
out of thin air and think that people who are buying it are really smart.”
Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second,
for two reasons: It is against our rules and they are stupid, and both are dangerous.”
Commenting on his daughter - “It went up and she thinks she’s a genius now,”
“It is worse than tulips bulbs,”
2017 – October 13th“If you’re stupid enough to buy it, you’ll pay the price for it one day,”
“Who cares about bitcoin? The world economy is so big,”
2018 – January “‘I regret’ calling bitcoin a fraud”
2020 – November “bitcoin is just not my cup of tea.”
“some ‘very smart people’ are investing in bitcoin these days”
