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Negative Things Famous People Said About Bitcoin

Bitcoin has a strange love-hate relationship with the world which does not seem to die out soon. No matter what Bitcoin is always at the centre stage of controversies. Recently, Govt. of India (Ministry of Finance) called it a Ponzi scheme and warned Indian investors to be aware about investment risks. Taking a tough stand last year, Chinese authorities already shut down all bitcoin exchanges and trading stating that cryptocurrencies are increasingly used as a tool in criminal activities such as money laundering, drug trafficking, smuggling and illegal fundraising. Currently, Bitcoin price is hovering around $17,000 after surviving a major correction during Dec, 2017. Bloqtimes already reported about famous people’s positive views on Bitcoin. To ensure we cover both sides of the story, we bring together all the negative things famous people said about Bitcoin.

Putin (PRESIDENT, RUSSIA)

“Bitcoin creates opportunities to launder funds acquired through criminal activites, tax evasion, even terrorism financing, as well as the spread of fraud schemes.”

Al-Waleed Bin Talal (BILLIONAIRE PRINCE, SAUDI ARABIA)

“I think this is Enron in the making because it doesn’t make sense. This thing is not regulated. It’s not under control. It’s not under the supervision of any federal elect, 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.”

Warren Buffett (FOUNDER, BERKSHIRE HATHWAY)

“Bitcoin is a mirage, stay away from it. The idea that it has some huge intrinsic value is just a joke in my view.”

“In terms of cryptocurrencies generally I can say almost with certainty that they will come to a bad ending. Now when it happens or how or anything else I don’t know.”

Janet Yellen (CHAIRMAN, FEDERAL RESERVE)

“It is not a stable store of value, and it doesn’t constitute legal tender. It is a highly speculative asset.”

Jamie Dimon (CHAIRMAN & CEO, JPMORGAN CHASE)

“Bitcoin bubble is worse than tulip bulbs. Bitcoin is a fraud and it won’t end well.”

“It’s a fraud. If a JPMorgan trader began trading in bitcoin, I’d fire them in a second. For two reasons: It’s against our rules and they’re stupid. And both are dangerous.”

“If you are stupid enough to buy Bitcoin, you will pay a price for it one day. Governments are going to crush Bitcoin one day. There is use case for Bitcoin if you live in Venezuela, North Korea or if you are a criminal… great product!”




Ben Bernanke (FORMER CHAIRMAN, FEDERAL RESERVE)

“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.”

Larry Fink (CEO, BLACKROCK FINANCIAL MANAGEMENT)

“Bitcoin just shows you how much demand for money laundering there is in the world.”

Vitor Constancio (VICE PRESIDENT, EUROPEAN CENTRAL BANK)

“Bitcoin is a sort of tulip. It’s an instrument of speculation but certainly not a currency and we don’t see it as a threat to central bank policy.”.”

Dmitry Skobelkin (DEPUTY GOVERNOR, BANK OF RUSSIA)

“China doesn’t recognize cryptocurrency as payment and forbids ICOs. Our views are absolutely similar. In our view it’s a sort of a financial pyramid that may collapse at any moment.”

Ministry of Finance (GOVT OF INDIA)

“There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes.”

Paul Krugman (NOBEL PRIZE IN ECONOMICS, PROFESSOR AT CITY UNIVERSITY OF NEW YORK)

“Bitcoin is Evil. Its the most obvious bubble.”

Robert Shiller (NOBEL PRIZE IN ECONOMICS FOR WORK ON BUBBLES, PROFESSOR AT YALE UNIVERSITY)

“Bitcoin rise resembles that of a bubble. I don’t know, maybe it’s possible that you can still ride this bubble on bitcoin. But I keep thinking there’ll be other currencies, other ideas that will come up and will eclipse this one. So it’s risky.”

Brian Moynihan (CEO, BANK OF AMERICA)

“There ought to be a hard look at the policy of anonymous currencies, because the ability to track information of money flowing is one we use seriously against terrorism and as a tool against improper, illegal behavior.”

Joseph Stiglitz (NOBEL PRIZE IN ECONOMICS, PROFESSOR AT COLUMBIA UNIVERSITY)

“Bitcoin is successful only because of its potential for circumvention, lack of oversight so it seems to me it ought to be outlawed. It doesn’t serve any socially useful function and this is just a bubble.”

Mark Carney (GOVERNOR, BANK OF ENGLAND)

“Bitcoin has pretty much failed thus far on the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.”

Must read articles related to Bitcoin:

10 Must Known Facts About Bitcoin
How to Buy Your First Bitcoin Using Coinbase

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3 Comments

  1. Wow, thats great to hear. People said so much things about bitcoin. Many of these people are non-technical and don’t understand what is technology behind it. One can doubt bitcoin but not blockchain which is absolute future.

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