JPMorgan boss Jamie Dimon is well-known for his skepticism towards bitcoin.
That is despite heavy institutional adoption of cryptocurrencies, especially in bitcoin and ethereum.
Jerome Powell, Michael Burry and Jack Ma are among the financial leaders who might agree with him.
While more and more Wall Street firms and retail investors are embracing bitcoin and other cryptocurrencies, JPMorgan boss Jamie Dimon isn’t playing along with the crypto mania.
He recently slammed the digital asset as “worthless,” and questioned whether its supply can in fact be capped at 21 million. Previously, he’s said he wouldn’t care even if bitcoin’s price soars tenfold.
Many influential tech billionaires – such as Elon Musk, Mark Cuban, and Mike Novogratz – have heaped praise on cryptocurrencies for their potential. In the financial world, the picture is different, and there are several leaders who can’t find a good word to say about digital assets.
Here are 18 big financial players who are also big bitcoin skeptics.
1. Jerome Powell
“They’re highly volatile — see bitcoin — and therefore not really useful as a store of value and are not backed by anything.”
“It’s more a speculative asset that’s essentially a substitute for gold rather than for the dollar.”
“I do think people get bought into these manias, who may not have as much money to spare, so I’m not bullish on bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out.”
“I don’t welcome a currency that’s so useful to kidnappers and extortionists, nor do I like just shoveling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air.”
“I wish all this passion and energy that went to crypto was directed towards making the United States stronger.”
“It’s a jihadist call that we don’t believe in the dollar. What a crazy concept this is, that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency.”
“The total failure of bitcoin in becoming a currency has been masked by the inflation of the currency value, generating (paper) profits for large enough a number of people to enter the discourse well ahead of its utility.”
“It’s not a convenient medium of exchange; it’s not a stable store of value; it’s definitely not a unit of account.”
“Its value rests on the perception that it’s a technologically sophisticated way to protect yourself from the inevitable collapse of fiat money, which is coming one of these days, or maybe one of these centuries.”
“Or, as I say, libertarian derp plus technobabble.”
“Having no clear fundamental value and largely unregulated markets, coupled with a storyline conducive to delusions of grandeur, makes this more than anything we can find in the history books the very essence of a bubble.”
“Given the volatility of the asset value, and given the fact that there isn’t a real asset underpinning them … I’m afraid if you want to buy them, then please understand that you can lose — you could lose all your money.”