Crypto Skeptics: The 6 Most Influential People Who Don’t Believe in Crypto
• The article outlines six of the most famous crypto skeptics: Xi Jinping, Warren Buffett, Jamie Dimon, Bill Gates, Nouriel Roubini and Alan Greenspan.
• It explains how each of these influential people have expressed skepticism towards cryptocurrency and blockchain technology.
• It also elaborates on the various measures they have taken to oppose the crypto economy.
The crypto economy now has a cumulative market cap of approximately a trillion dollars. Some may argue it’s proof that crypto solves real financial problems, however for many influential people, crypto’s market cap is temporary and the entire industry is a farce. This article will cover six of the most famous crypto skeptics and why they think cryptocurrency is doomed.
Xi Jinping is arguably the second most influential person in the world. He has used his political power to wage war against blockchain technology by banning Bitcoin transactions in 2013 as well as ICOs in 2017. The People’s Bank of China labeled Initial Coin Offerings (ICOs) an illegal fundraising mechanism and asked them to return money it had taken from investors. In 2019, the attention turned to Bitcoin mining which was labeled an undesirable industry with calls to ban it.
Warren Buffet is one of the world’s top investors and he has been very vocal about his disdain for cryptocurrencies like Bitcoin calling them “rat poison squared” due to their lack of intrinsic value and usefulness as currency or store-of-value asset class he believes no one can predict their future value which makes them unreliable investments compared to stocks or bonds with more fundamental backing.
Jamie Dimon is another prominent figure who has expressed his opinion on cryptocurrencies stating that governments will shut down Bitcoin if it gets too big because it could threaten fiat currencies like US dollar or Euro by making them irrelevant or redundant as means of payment .He also added that governments would not allow digital currencies as legal tender since there are no laws governing its use or even regulating its trading activities globally yet .
Bill Gates called Bitcoin “one of the crazier speculative things” due to its lack of intrinsic value compared with traditional assets like stocks bonds or commodities which have tangible value behind them .He further added that though he believes cryptocurrencies are effective ways for transferring funds but investing into them can be quite risky since their prices are highly volatile and unpredictable .
In conclusion, while some may see cryptocurrency as a way out from fiat currency system others believe it cannot replace fiat currencies due to its volatility unpredictability lack inherent value and decentralized nature making regulation difficult all around world plus various countries including China imposing bans on certain aspects related cryptos such as mining exchanges etc They remain skeptical about this new form money which only time can tell whether they right wrong