Which Bitcoin Skeptics Have Changed Their Stance?

“Respected experts” and casual observers have repeatedly written off BTC as a doomed asset. They forecasted its collapse and disappearance from the financial world. However, every "obituary" has only served to strengthen Bitcoin’s resolve and solidify its standing.

Now that Bitcoin has achieved this historic milestone, it’s the perfect time to reflect on the most famous skeptics who once forecasted its downfall.

In January 2017, when Bitcoin first broke the $1,000 barrier, Olaf Carlson-Wee, a digital industry pioneer and one of Coinbase’s earliest employees, claimed that Bitcoin was destined to remain a niche asset. At the time, he argued that comparing cryptocurrency to traditional currency was like comparing apples to oranges. According to Olaf, the world already had efficient fiat-based payment systems, making the need for an additional digital currency highly questionable.

Billionaire and entrepreneur Mark Cuban once forecasted a bleak future for Bitcoin. Between 2014 and 2017, he was one of the most outspoken crypto skeptics. At one point, his tweets alone caused Bitcoin’s price to drop by nearly 50%. This wasn't related to when he lost almost $870,000 in a crypto scam—it happened in the summer of 2017 when BTC hit $2,750. 

Back then, Cuban unleashed a series of tweets labeling Bitcoin more of a religion than an investment, and sarcastically suggesting that gold makes great jewelry, while crypto does not. Within hours, Bitcoin’s price plunged to $1,600.A few years later, these tweets mysteriously disappeared from his account, but the internet remembers everything!

Jamie Dimon, CEO of JPMorgan Chase, has long been recognized as one of the most vocal critics of cryptocurrencies. He has repeatedly described Bitcoin as a fraudulent asset, claiming it enables criminals.

"If you mean crypto like bitcoin, I've always said it's a fraud."

To Dimon's credit, he has consistently stood by his views, never retracting his comments or deleting posts. He even once said that if he were in government, he would ban cryptocurrencies entirely.

Howard Marks, billionaire investor and founder of Oaktree Capital Management, has consistently voiced skepticism about cryptocurrencies like Bitcoin, Ethereum, and others, claiming that they aren’t real.

In a 2017 memo, Marks argued that digital assets lack intrinsic value, making them unreliable investments.

He attributed the growing popularity of cryptocurrencies to two main factors: a general mistrust in traditional financial systems and younger generations' fascination with virtual worlds. Marks was adamant that cryptocurrencies lacked long-term potential.

"Some people are eager to speculate on digital currency for profit. Others want to put a little money into these to-date-profitable phenomena rather than run the risk of missing out. But they’re not real," he wrote.

By 2020, however, Marks had softened his stance slightly. In a follow-up article, he reflected on his earlier skepticism: “Back in 2017, my memo There They Go Again . . . Again included a section on cryptocurrencies in which I expressed a high level of skepticism. This view has been a source of much discussion for me and Andrew, who is quite positive on Bitcoin and several others and thankfully owns a meaningful amount for our family. While the story is far from fully written, the least I can say is that my skeptical view has not borne out to date. Thus, I’ve concluded (with Andrew’s help) that I’m not yet informed enough to form a firm view on cryptocurrencies. ”

By 2024, Marks further eased his criticism, comparing Bitcoin to gold. He suggested that both assets derive their value purely from market perception, as opposed to government-backed instruments like bonds or Treasury notes.

Renowned investor Warren Buffett, whose personal fortune exceeds $150 billion, is famous for his conservative approach to investing and his outspoken criticism of cryptocurrencies. 

Buffett has long dismissed Bitcoin and other digital currencies as "bubbles," arguing they lack intrinsic value. He believes these assets neither produce income nor hold utility, with their worth entirely dependent on volatile demand. Over the years, his colorful descriptions of Bitcoin have become popular memes.

“If you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”

Berkshire Hathaway, Buffett’s investment firm, traditionally invests in securities with proven returns and long-term stability, a stark contrast to the speculative nature of cryptocurrencies.

On one hand, Buffett, at least in his public rhetoric, remains steadfast in his principles, continuing to criticize cryptocurrencies. On the other hand, his investment fund allocates substantial capital to businesses operating in the crypto industry. This demonstrates that even the most traditional investors are compelled to adapt to changing market dynamics, seeking new avenues for profit.

As a result, those who once rushed to proclaim Bitcoin’s downfall now readily invest in what they once derided as a “bubble,” “rat poison,” or “financial pyramid.”