Meet the Top 6 Biggest Bitcoin Bashers, Blockchain Skeptics and Crypto Haters in the World
These Are the Top 6 Crypto and Bitcoin Skeptics
Last week, cryptocurrency prices experienced a negative movement that pushed several crypto sceptics to criticize the industry. And indeed, since the beginning of the year, most of the virtual currencies are down almost 90%. This has clearly helped critics to attack cryptos.
Robert Shiller is one of those recognized crypto sceptics. Mr Shiller is a Nobel Prize-winning economist and a professor at Yale University. He has the necessary knowledge and credentials to criticize Bitcoin and cryptocurrencies. During a conversation with CNBC, he said that Bitcoin is a bubble, or at least it looks like one.
Although he thinks that Bitcoin is a bubble, he does not believe that the most popular virtual currency will disappear from the market or just go to zero.
Another critic of virtual currencies is Joseph Stiglitz. He is a Columbia professor and a Noble Prize-winning economist that has taken a harsh stance on virtual currencies. Back in 2016, at the 2016 IMF World Bank Spring Meeting in Washington, Stiglitz said that Bitcoin should be outlawed.
During the last months and years, several companies and regulatory agencies have been trying to propose a flexible and prosperous regulatory environment. But Stiglitz is convinced that the best thing that can happen is to outlaw cryptocurrencies. Additionally, he thinks that regulation will reduce Bitcoin’s demand and ultimately kill the cryptocurrency.
About it, he mentioned:
“My feeling is that when you regulate it so that you couldn’t engage in money laundering and all these other things, there would be no demand for bitcoin. So by regulating the abuses, you are going to regulate it out of existence.”
Jamie Dimon, JP Morgan CEO, is also a famous Bitcoin sceptic. Dimon has a similar point of view to Stiglitz. During the Fortune Global Forum about Bitcoin and cryptocurrencies, he said that if governments say that the currency is against the law and those who use it go to jail then it will not wok.
“Governments will crash it (Bitcoin) one day,” he remarked.
As reported by Reuters, he has also said that Bitcoin ‘is a fraud’ and that it will eventually blow up.
Despite the fact that he is totally against Bitcoin, he is in favour of blockchain technology. He has also made a clear distinction between Bitcoin and blockchain technology. According to him, blockchain will be used to transport money from one place to the other, but not necessarily Bitcoin. Instead, it will be moving US dollars.
JP Morgan is also investing in a blockchain platform known as Quorum. At the moment, it has several companies working around it and an important number of financial institutions interested in it as well.
Warren Buffet is the fourth Bitcoin sceptic in the list. The third richest man in the world has several investments in different financial institutions, including banks. This can let us think that he would not be happy with Bitcoin and cryptocurrencies.
Buffet does not believe in Bitcoin’s intrinsic value and claims that it does not produce anything positive. During a conversation with CNBC, he explained that the asset creates nothing and the virtual currencies will come to a bad ending.
We can also add to the list Microsoft’s founder Bill Gates. Back at the beginning of the year, when the price of Bitcoin had already dropped from $20,000 dollars, he said that he would short Bitcoin if there was an easy way to do it. At that moment, Bitcoin was traded around $9,300 dollars, while now is being traded close to $6700 dollars.
Additionally, in an AMA that he hosted on the popular social network Reddit, he said that cryptocurrencies have caused several deaths in a fairly direct way.
About cryptocurrencies and their anonymity, he mentioned:
“The main feature of crypto currencies is their anonymity. I don’t think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.”
Finally, the highest profile sceptic in the cryptocurrency world is Nouriel Roubini. He is a NYU professor and one of those who predicted the 2008 financial crisis. During the last weeks, he has been discussing with several cryptocurrency leaders and figures (such as Vitalik Buterin) about virtual currencies and blockchain technology.
Furthermore, he has also participated from a hearing last week about virtual currencies in which he discussed with Peter Van Valkenburgh. Roubini has stated that blockchain technology is the most hyped technology and that it has no real use cases. Moreover, he wrote that cryptocurrencies have been manipulating prices, promoting pump and dump schemes, wash trading and more.
Yes crypto land has been the mother of all price manipulations: pump n dump schemes, spoofing, wash trading, front running, insider trading, conflicts of interest of exchanges, Tether & other pseduo stable-coins created by fiat propping up BTC by 80% as a scholarly study proved https://t.co/GWuzRcb2wG
— Nouriel Roubini (@Nouriel) October 13, 2018
During bear markets, it is easier to be a crypto sceptic. Despite, these attacks, the cryptocurrency community was able to answer in a very mature way.