Bitcoin, the world’s largest cryptocurrency, has faced criticism from economists, politicians, bankers, and investors. Despite reaching new all-time highs in 2024, some critics continue to reject Bitcoin.
Peter Schiff, an American stockbroker and gold advocate, has long been a Bitcoin naysayer. Despite his skepticism, his son invested 100% of his portfolio into Bitcoin in 2021. Schiff expressed concerns about the US government creating a strategic Bitcoin reserve and believes Bitcoin may end up destroying the dollar.
Paul Krugman, an American economist and journalist, has been a critic of Bitcoin since its early years. He has referred to Bitcoin as “evil” and a Ponzi scheme. Krugman believes that cryptocurrencies like Bitcoin are better suited for illegal transactions.
Executives from the European Central Bank (ECB) have criticized Bitcoin for not fulfilling its promise of being a global decentralized digital currency. They argue that it is used for illicit transactions and is not suitable as a means of payment or investment. They have praised the potential of a European central bank digital currency.
Jamie Dimon, CEO of JPMorgan Chase, remains a skeptic of Bitcoin despite the bank’s involvement in spot Bitcoin ETFs. Dimon has referred to Bitcoin as a “pet rock” and has vowed not to publicly discuss cryptocurrency.
Rafi Farber, a financial journalist and publisher, believes that buying Bitcoin contributes to US inflation. He sees Bitcoin as stimulating the price of US Treasuries and spreading inflation. Farber doubts Bitcoin’s viability but is open to changing his stance if it weathers a global financial crisis.