In 2010, a programmer named Laszlo Hanyecz made history by purchasing two pizzas for 10,000 bitcoins. This was the first real-world transaction using cryptocurrency. At that time, those bitcoins were worth about $41. Today, with Bitcoin’s value surpassing $100,000, those same 10,000 Bitcoins would be valued at over $1 billion.
Fifteen years ago, Bitcoin was just an idea. Some people believed it could be the future of money. Since then, it has grown into a massive financial asset worth over $2 trillion. People have made fortunes as Bitcoin’s price soared, though it has also experienced big crashes.
While many investors see potential in Bitcoin, others still question its value. Some of the most famous names on Wall Street were once its loudest critics. Today, their opinions have changed—some a little, some a lot. Let’s look at how their views have changed over time.
Jamie Dimon: The Most Vocal Critic
Jamie Dimon, CEO of JPMorgan Chase, has consistently been one of Bitcoin’s harshest critics. In 2017, he called Bitcoin a “fraud” and said he would fire any employee trading it. He compared Bitcoin to a “decentralized Ponzi scheme” and even said governments should ban it.
Jamie Dimon criticized Bitcoin, calling it worthless. Source: XYet, even as Dimon publicly criticized Bitcoin, JPMorgan quietly began exploring blockchain technology. The bank now offers clients access to Bitcoin funds through exchange-traded funds (ETFs). Dimon, however, hasn’t changed his personal opinion. As recently as 2023, he dismissed Bitcoin as a “pet rock,” a term suggesting it has no real value.
Larry Fink — A Total Turnaround
Larry Fink, CEO of BlackRock, once viewed Bitcoin with suspicion. In 2017, he said Bitcoin was an “index of money laundering” mainly used for illegal activities. Fink said his clients weren’t asking for cryptocurrency exposure at the time.
BlackRock CEO Larry Fink started believing in Bitcoin after he studied it. Source: XHowever, in recent years, Fink’s view has completely changed. BlackRock now manages the world’s largest Bitcoin fund and even launched a Bitcoin ETF. Fink calls Bitcoin a “legitimate asset” and praises it as a hedge against inflation and political instability. He now believes Bitcoin has unique advantages, such as being uncorrelated with traditional assets like stocks and bonds.
Ken Griffin — Regretful but Still Unsure
Ken Griffin, founder of Citadel, compared Bitcoin to the 17th-century tulip mania, a historic financial bubble in which tulip prices skyrocketed and then crashed. He was especially critical in 2021, calling the Bitcoin craze “misplaced energy” that could have been better used to strengthen the U.S. economy.
Recently, Griffin admitted he was wrong to dismiss Bitcoin so harshly. He now regrets not investing in it when prices were lower. While Griffin acknowledges Bitcoin’s value has surged, he still questions its economic utility, stating he is unsure whether it serves a real purpose in the financial system.
Warren Buffett — A Longstanding Critic
Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, has consistently criticized Bitcoin. In 2018, he called it “rat poison squared,” one of the harshest remarks made by any Wall Street figure. Buffett has also said he wouldn’t buy Bitcoin even if it were offered to him for $25.
Buffett criticized Bitcoin because it doesn’t produce anything unlike stocks or real estate. He believes people invest in Bitcoin purely out of speculation, hoping its price will rise. As of 2023, Buffett remains steadfast in his negative view, suggesting that Bitcoin’s popularity is driven by gambling instincts rather than real economic value.
Ray Dalio — Warming Up to Bitcoin
Ray Dalio, founder of Bridgewater Associates, was initially a Bitcoin skeptic. In 2017, he called it a speculative bubble. However, by 2021, Dalio’s views had changed. He described Bitcoin as “one hell of an invention” and praised it as an “alternative gold-like asset.”
Dalio discussed the problem that he sees with Bitcoin. Source: XDalio has even revealed that he owns Bitcoin and Ether, another cryptocurrency. Despite this, he remains cautious. He has expressed concerns that governments might crack down on Bitcoin if it becomes too successful, as they might see it as a threat to traditional currencies.
Dalio also worries about Bitcoin’s long-term demand but advises investors to consider it as part of a diversified portfolio.
