Big Money Game Superstars From the Traditional World Are Still Betting Against Bitcoin
Despite the fact that they love the blockchain technology, most of the richest and important investors and CEOs from the whole world are still Bitcoin haters. It doesn’t matter what happens, they will continue to keep their disbelief in it, unfortunately, which is somewhat ironic when they affirm that the blockchain is such a good technology.
The Next Web’s Hard Fork has recently published an article about them. In the article, the crypto media outlet cites people like Warren Buffett, Jamie Dimon, Vitor Constancio, Mario Draghi and Brian Moynihan as prominent Bitcoin haters.
Warren Buffett and Jamie Dimon
Warren Buffett, the CEO of Berkshire Hathaway, an investment conglomerate, which is also the second richest man in the world, made the headlines recently after affirming that Bitcoin was a “delusion”.
He said that the blockchain might be important but that Bitcoin had absolutely no value. Bitcoin, according to Warren Buffett, does not produce anything at all. You “can stare at it all day” and no little Bitcoins will come out, people will have to mine them.
Buffett dismissed Bitcoin since 2014 and it is not very likely that he will change his opinions soon. He already referred to it as “rat poison” before.
However, despite the comments, his company has announced that it would develop a major blockchain railroad with the Trasport Alliance back in 2017.
Jamie Dimon, the CEO of JPMorgan, is another crypto hater which has been dismissive of Bitcoin for quite a long time now. He has expressed doubts about the long-term potential for survival of the token on several occasions so far.
He said that people were wasting their money investing in Bitcoin and that there will be no real, non-controlled currency in the world ever because no government will put up with it and you simply cannot ignore the control of the government.
Dimon has called Bitcoin a fraud in September 2017 and backpedaled on his criticism later, but not so much as he is still pretty much a Bitcoin hater. He acknowledges Bitcoin as something real today but is concerned about how the government will treat it when it gets big.
In another funny move, his company, JPMorgan, is set to launch its own digital coin soon, JPM Coin. Some have called it a crypto, but in fact, it is not.
Vitor Constancio, Mario Draghi and Brian Moynihan
Other haters include Constancio, Draghi and Moynihan. Vitor Manuel Constancio is a Portuguese economist which was the vice president of the European Central Bank until last year.
He has compared Bitcoin to a tulip. An instrument of speculation for those who like to bet but that can lose half of its price in a single year. He described it as not being a proper currency but affirmed that it was not the threat that the Bitcoin community wanted it to be.
Mario Draghi is an Italian economist which was the president of the European Central Bank until recently. He affirmed that it was not the job of the institution to regulate cryptos and that he would be very cautious before buying Bitcoin, as it was not a real currency.
He compared it to the value of the Euro, which is sort of constant (with minor fluctuations) and affirmed that Bitcoin varies wildly, perhaps even too wildly. He has also attacked the decentralization of Bitcoin saying that nobody backs it and that this makes the asset poorer. Also, he was very critic of the lack of regulation in the market, which could lead to manipulation of the assets.
Draghi has also commented that Bitcoin had a very limited impact in the economy of the world and that the asset was not as important as its enthusiasts affirmed.
Finally, there is Brian Moynihan, the CEO of the Bank of America. He criticized the anonymity of cryptocurrencies and affirmed that it is not a good tool. However, the Bank of America was the bank which had most blockchain patents in the world, which is sort of curious.
Love Blockchain, Hate Bitcoin
The fact is that all these individuals are at least remotely interested in the blockchain technology, but most of them are also against Bitcoin, which led some people to believe that Bitcoin has a branding problem, as most people believe that it is used to launder money or for other illicit activities.
In fact, there are a lot of good aspects of Bitcoin and it is foolish to ignore them all. How can the mainstream financial world continue to be in love with the blockchain and hate Bitcoin so much? Some argue that the reason for this is mostly because they are afraid of Bitcoin but only they can really know their reasons.
The truth is that Bitcoin is destined for greatness and it may yet lead the financial revolution. If these big executives dislike it, they may lose the chance to be a part of it.