$Bitcoin (BTC.CC)$ Bitcoin broke through the $0.1 million le...
Bitcoin broke through the $0.1 million level again yesterday, reaching a historic high of $0.106 million. Starting out nearly worthless 15 years ago, Bitcoin has experienced numerous frenzied surges and astonishing crashes before finally surpassing a market cap of $2 trillion, becoming a super investment tool akin to the "real gold market." However, Bitcoin is often likened to the "Tulip Mania" of the 17th century which led to countless financial ruin. Many Wall Street giants, including Dalio, Dimon, and Buffett, have criticized Bitcoin as a scam or a tool for money laundering. However, the reality has proven that they were completely mistaken. How do they view Bitcoin today? Have they already admitted defeat or do they still believe that Bitcoin will eventually crash?
Regardless of their opinions, Bitcoin remains unstoppable for now. Many analysts believe that Bitcoin has the potential to double to $0.2 million (increasing its market cap to $4 trillion), primarily because of its limited supply capped at 21 million coins. It is also receiving full support and encouragement from the Trump camp, with Eric Trump boldly claiming that Bitcoin could skyrocket 9 times to $1 million. As prices inflate like a bubble, cryptocurrency companies are well-armed, and Wall Street banks and asset management firms are trying to capitalize on this opportunity to make big profits. However, more individual investors choose to avoid what they perceive as a speculative bubble. According to reports from The Wall Street Journal and online sources, here is the evolution of opinions on Bitcoin among some Wall Street giants from the past and present:
1) JP Morgan Chase CEO: Dimon
Past: Bitcoin was a Ponzi scheme.
Present: To buy or not to buy is your choice.
Damion (Jamie Dimon) as the CEO of JP Morgan Chase, was once one of the most anti-Bitcoin Wall Street figures. As early as 2017, he was famous for equating Bitcoin to 'fraud' and even mentioned that he would dismiss any JP Morgan employee found trading Bitcoin. In a congressional hearing, he called cryptocurrencies a 'decentralized Ponzi scheme' and suggested the government should 'shut it down (prohibit it).'
However, with Bitcoin's continuous rise in the past one or two years, Dimon's tone has also become milder. Recently, he described Bitcoin as a useless 'Pet rock.' Pet rock was a trend product that was incredibly popular in the 70s, where decorated rocks were sold as pets for several dollars, making the inventor a millionaire. At the 2024 World Economic Forum, Dimon refrained from accusing Bitcoin of being a scam. He advised against speculating in Bitcoin, but stated 'I don't want to tell anyone what to do because it's a free country.'
2) Bridgewater Associates founder Dalio (Ray Dalio)
Past: Bitcoin was the invention of hell.
Present: Buying Bitcoin helps to address the global debt crisis.
In 2017, Bridgewater Associates founder dismissed Bitcoin as a 'speculative bubble,' labeling it as a 'hellish invention' and an 'alternative asset to gold.' Dalio revealed that he owns some Bitcoin and Ethereum, expressing concerns about the long-term demand for Bitcoin and potential government crackdown on cryptocurrencies. His views on Bitcoin are contradictory, as he sees tremendous potential for Bitcoin to appreciate, yet he worries about major government officials suffocating Bitcoin. In 2021, he said, 'I find it hard to imagine that they will allow Bitcoin to be an obviously better choice,' and also mentioned, 'The biggest risk for Bitcoin is success, as if it succeeds, the government will attempt to suffocate it.'
In recent months, major global powers like the USA have accumulated high debts, causing this billionaire to believe that they are already on the brink of danger. At this moment, he is suspicious of a full-scale turn to being bullish on Bitcoin, suggesting that investors should consider paying attention to and investing in some gold and Bitcoin amidst the global currency (debt) crisis.
3) Stock God Buffett
Past: Bitcoin was like super rat poison
Now: People like to do stupid things and gamble
Stock God Buffett may be the investment tycoon in Wall Street history who looks down the most on Bitcoin. In the 2018 Berkshire Hathaway annual meeting, he described Bitcoin as a poisonous thing that harms people, possibly like super rat poison. Buffett also mentioned that even if all the Bitcoin in the world added up to only $25, he wouldn't buy. However, with Bitcoin's continuous rise, it is believed to be unbelievable even for celebrities like Buffett. When Buffett was interviewed by CNBC in April 2023, although still criticizing Bitcoin, his tone had softened. He attributed the enduring cryptocurrency frenzy to Americans' strong "gambling instinct". He said, "I've watched people do stupid things all my life. People like to play the lottery, they have an instinct for gambling."
Similar to Buffett, Ken Griffin, the CEO of hedge fund giant Citadel, was also a harsh critic of Bitcoin. For years, he has been warning about what he considers the speculative bubble of Bitcoin. Like many commentators, this billionaire compared Bitcoin to the 17th-century "tulip mania" (referring to Europeans buying tulip bulbs frantically to breed wealth and resulting in many bankruptcies). When Bitcoin surged in 2021, Griffin made even more intense comments, comparing the hype around Bitcoin to the slogans of jihadis, only representing a loss of trust in the US dollar.
However, in a recent turn of events, Ken Griffin finally admitted that he was wrong in his previous judgment of Bitcoin. Yet, this year he still questions the economic utility of cryptocurrencies, "Of course, I hope that what I buy will be 100 times the price a few years ago, we all fear missing out (FOMO), this is a part of human psychology. But I ask, can Bitcoin solve our economic problems?"
Regardless of their opinions, Bitcoin remains unstoppable for now. Many analysts believe that Bitcoin has the potential to double to $0.2 million (increasing its market cap to $4 trillion), primarily because of its limited supply capped at 21 million coins. It is also receiving full support and encouragement from the Trump camp, with Eric Trump boldly claiming that Bitcoin could skyrocket 9 times to $1 million. As prices inflate like a bubble, cryptocurrency companies are well-armed, and Wall Street banks and asset management firms are trying to capitalize on this opportunity to make big profits. However, more individual investors choose to avoid what they perceive as a speculative bubble. According to reports from The Wall Street Journal and online sources, here is the evolution of opinions on Bitcoin among some Wall Street giants from the past and present:
1) JP Morgan Chase CEO: Dimon
Past: Bitcoin was a Ponzi scheme.
Present: To buy or not to buy is your choice.
Damion (Jamie Dimon) as the CEO of JP Morgan Chase, was once one of the most anti-Bitcoin Wall Street figures. As early as 2017, he was famous for equating Bitcoin to 'fraud' and even mentioned that he would dismiss any JP Morgan employee found trading Bitcoin. In a congressional hearing, he called cryptocurrencies a 'decentralized Ponzi scheme' and suggested the government should 'shut it down (prohibit it).'
However, with Bitcoin's continuous rise in the past one or two years, Dimon's tone has also become milder. Recently, he described Bitcoin as a useless 'Pet rock.' Pet rock was a trend product that was incredibly popular in the 70s, where decorated rocks were sold as pets for several dollars, making the inventor a millionaire. At the 2024 World Economic Forum, Dimon refrained from accusing Bitcoin of being a scam. He advised against speculating in Bitcoin, but stated 'I don't want to tell anyone what to do because it's a free country.'
2) Bridgewater Associates founder Dalio (Ray Dalio)
Past: Bitcoin was the invention of hell.
Present: Buying Bitcoin helps to address the global debt crisis.
In 2017, Bridgewater Associates founder dismissed Bitcoin as a 'speculative bubble,' labeling it as a 'hellish invention' and an 'alternative asset to gold.' Dalio revealed that he owns some Bitcoin and Ethereum, expressing concerns about the long-term demand for Bitcoin and potential government crackdown on cryptocurrencies. His views on Bitcoin are contradictory, as he sees tremendous potential for Bitcoin to appreciate, yet he worries about major government officials suffocating Bitcoin. In 2021, he said, 'I find it hard to imagine that they will allow Bitcoin to be an obviously better choice,' and also mentioned, 'The biggest risk for Bitcoin is success, as if it succeeds, the government will attempt to suffocate it.'
In recent months, major global powers like the USA have accumulated high debts, causing this billionaire to believe that they are already on the brink of danger. At this moment, he is suspicious of a full-scale turn to being bullish on Bitcoin, suggesting that investors should consider paying attention to and investing in some gold and Bitcoin amidst the global currency (debt) crisis.
3) Stock God Buffett
Past: Bitcoin was like super rat poison
Now: People like to do stupid things and gamble
Stock God Buffett may be the investment tycoon in Wall Street history who looks down the most on Bitcoin. In the 2018 Berkshire Hathaway annual meeting, he described Bitcoin as a poisonous thing that harms people, possibly like super rat poison. Buffett also mentioned that even if all the Bitcoin in the world added up to only $25, he wouldn't buy. However, with Bitcoin's continuous rise, it is believed to be unbelievable even for celebrities like Buffett. When Buffett was interviewed by CNBC in April 2023, although still criticizing Bitcoin, his tone had softened. He attributed the enduring cryptocurrency frenzy to Americans' strong "gambling instinct". He said, "I've watched people do stupid things all my life. People like to play the lottery, they have an instinct for gambling."
Similar to Buffett, Ken Griffin, the CEO of hedge fund giant Citadel, was also a harsh critic of Bitcoin. For years, he has been warning about what he considers the speculative bubble of Bitcoin. Like many commentators, this billionaire compared Bitcoin to the 17th-century "tulip mania" (referring to Europeans buying tulip bulbs frantically to breed wealth and resulting in many bankruptcies). When Bitcoin surged in 2021, Griffin made even more intense comments, comparing the hype around Bitcoin to the slogans of jihadis, only representing a loss of trust in the US dollar.
However, in a recent turn of events, Ken Griffin finally admitted that he was wrong in his previous judgment of Bitcoin. Yet, this year he still questions the economic utility of cryptocurrencies, "Of course, I hope that what I buy will be 100 times the price a few years ago, we all fear missing out (FOMO), this is a part of human psychology. But I ask, can Bitcoin solve our economic problems?"
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