Although the crypto-curious world has seen some impressive adoption initiatives from mainstream investors, celebrities, billionaires, and IT behemoths who raced to embrace the new technology, there were a number of billionaires who declared that they don’t own any crypto commenting how crypto is too volatile, calling it a scam that preys on gullible investors, and so on.
Here are 5 dubious billionaires who have no love lost for crypto and decided to miss on the $2 trillion made on the ‘volatile’ cryptocurrencies last year.
5 Billionaires Who Are Not Fans of Crypto
Ranking the fourth on Bloomberg Billionaires Index, the entrepreneur, businessman, and Microsoft co-founder has made no secret of his warry for cryptocurrencies, particularly Bitcoin.
He told Bloomberg in an interview in February 2021 that he was wary of the Bitcoin mania, especially because the cryptocurrency's value might be impacted by anything as easy as a tweet from Tesla and SpaceX CEO Elon Musk.
Gates quoted saying: “Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down…I do think people get brought into these manias who may not have as much money to spare, so I’m not bullish on Bitcoin.”
He added, “If you have less money than Elon, you should probably watch out.”
Well if Gates's stance surprised any, Warren Buffett's shouldn’t be.
Buffet who is presently placed fifth in Bloomberg's Billionaire index, is the chairman and largest stakeholder of Berkshire Hathaway, the investment firm that has grown its market value by 20% each year on average since 1965.
Warren Buffett took every chance to speak his mind about crypto calling bitcoin “probably rat poison squared” and warning investors against it. He continues by saying that cryptocurrencies aren't a “productive asset and that he wouldn't buy the entire bitcoin for even $25... Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything," Buffett was quoted as saying by Insider.
Since 2005, Jamie Dimon has served as chairman and chief executive officer of JPMorgan Chase, the largest of the major four American banks.
While he stated that he’s not a fan of crypto and called bitcoin a ‘fraud that will eventually blow up’ and ‘worthless’, Dimon sees value in the technology that underpins it, the blockchain technology.
The CEO of JPMorgan Chase wrote in the annual shareholder letter that “decentralized finance [DeFi] and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not.”
Perhaps best known as Warren Buffett's right-hand man, Munger is the Vice Chairman of Berkshire Hathaway, Inc.
The billionaire investor, businessman, and former real estate attorney, just like Buffet, kept his opposing no secret and declared that he’s very skeptical about bitcoin and crypto saying Bitcoin is stupid 'cause it's very likely to go to zero'. Criticizing the passive nature of bitcoin, he also warned investors not to put their retirement savings into bitcoin
Considered the second richest person on Earth, Jeff Bezos is the founder, executive chairman, and former president and CEO of Amazon.
Rumors that claimed that the online retail giant has published a job advertisement for a cryptocurrency and blockchain lead, which plainly indicates the corporation is paving the way for cryptocurrency transactions, have been circulating around for quite a while now. This exposition led to speculation that Bezos has a crypto-rich portfolio. However, he denied any rumors of owning any cryptocurrencies and has also refuted any plans of Amazon to accept Bitcoin or any other cryptocurrency.
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