- Bitcoin’s critics are not slowing down in their criticisms against cryptocurrency.
- Nouriel Roubini, Janet Yellen, Jack Ma, Warren Buffett, Ben Bernanke, amongst others, are part of Bitcoin’s fiercest critics.
- Many critics hinge their criticisms because Bitcoin is a volatile market, and some have even gone on to call it a bubble.
- Regardless of the criticism, Bitcoin has steadily grown in value and currently trades at $50,650
Since Bitcoin was launched in 2009 by the unknown Satoshi Nakamoto, it has revolutionized the entire financial industry with more retail and institutional investors coming on board to embrace the currency.
Despite the advantages of anonymity, decentralization, and speed of transactions, Bitcoin’s criticisms have come from society’s highest echelon. Nouriel Roubini, Janet Yellen, Jack Ma, Warren Buffett, Ben Bernanke have found perceived flaws in the network and have continuously criticized Bitcoin at every given opportunity.
Bitcoin’s Biggest Critics And Their Objections
Perhaps there is no bigger bitcoin critic than Nouriel Roubini. Nouriel Roubini, 62, is the Chairman, Chief Economic, and Co-Founder of Roubini Global Economics and is a member of the Bretton Woods Committee, Academic Advisory Committee of the IMF, and Fellow, National Bureau of Economic Research.
In his blog post, Nouriel said;
Most Bitcoin/shitcoin investors are retail suckers who are clueless/financially illiterate. That's why we have laws that leave risky investments only for accredited investors who have a certain level of income/wealth. But millions of BagHolders were illegally suckered into crap.
In another interview, he opined that Bitcoin is currently the mother of all bubbles. He further explained that and is also the biggest bubble in human history.
Janet Yellen, the US Secretary of the Treasury, is another fierce critic of Bitcoin. She uses her influence to regularly take swipes at bitcoin, with the latest jab coming on Tuesday when she referred to it as an “extremely inefficient” way to conduct a monetary transaction.
She is quoted to have said that it isn’t a stable store of value and isn’t a legal tender. She opined that Bitcoin:
is a highly speculative asset, and the Fed doesn't play any regulatory role concerning Bitcoin other than assuring that banking organizations that we do supervise are attentive that they're appropriately managing any interactions they have with participants in that market.
In May 2020, Jack Ma, the richest man in China and Chairman of Alibaba Group, said that while blockchain technology could change the world, he perceives Bitcoin as a bubble.
He believes that betting on blockchain or cryptocurrencies is not right for a person to become rich overnight. So, according to him, blockchain isn’t the bubble, but Bitcoin likely is.
On The Flipside
- JP Morgan Chase and Co. CEO Jamie Dimon says he regrets making comments that Bitcoin is a fraud as he believes strongly that blockchain tech is real.
Bitcoin is a remarkable cryptographic achievement. The ability to create something which is not duplicable in the digital world has enormous value, says Alphabet CEO Eric Schmidt.
Bitcoin Still Has Its Advantages Despite High-Level Critics
Bitcoin is a decentralized cryptocurrency that allows for the peer-to-peer transfer of assets without third-party interference. Since its launch and release of its White Paper in 2008, it has soared in popularity and with good reason too.
Bitcoin’s acceptance globally is partially due to its anonymity and privacy, which contrasts with traditional banking institutions. Bitcoin’s lower transaction costs have endeared it to many users of the platform, and its liquidity is another important factor for the popularity it enjoys.