2 Lone Wolf CEO’s Think Cryptocurrency Is A Fraud
Crypto Is A Bad Investment And A Speculative Bubble!
Even though many CEO’s think cryptocurrency is a fraud and may not go anywhere, they want to be in a state of play if it does.
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Table of Contents
- Crypto Is A Bad Investment And A Speculative Bubble!
Who Else Thinks Cryptocurrency Is A Fraud?
The jury is still out, but like in the days leading up to the Stock Market crash of 1929, many company CEO’s ignore cryptocurrency warnings and are placing huge bets on this troubling speculation.
All corporate titans know the risk potential, but the majority of them are willing to roll the dice 🎲 regardless of the consequences.
These crypto cheerleaders know that as much as cryptocurrency could be very successful, it could also end up losing.
Despite being only a little over a decade old, cryptocurrency has gained tremendous popularity among some of U.S.’ leading corporations.
Cryptocurrencies have collectively grown to over a $3.3 trillion valuation, beating out many big companies.
Since these companies can’t beat cryptocurrency valuation, they have decided to join it.
Global adoption of crypto during the past year has been explosive, with over 300 million investors worldwide.
Nevertheless, here is what 3 global lone wolf CEOs think about cryptocurrency as a bad investment and a speculative bubble.
Warren Buffett, American tycoon and CEO of Berkshire Hatchway, has a well-known reputation for investing in stocks whose value and cash flow — come from producing things.
But cryptocurrencies don’t have real value, Buffett said in a CNBC interview in 2020.
“They don’t reproduce, they can’t mail you a check, they can’t do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person’s got the problem. It does not meet the test of a currency,” the billionaire said, as quoted by CNBC in 2014.
It is not a durable means of exchange, it’s not a store of value.Warren Buffett
He added that cryptocurrency is a very effective way of anonymously transmitting money.
He also drew an analogy with checks, saying that they too are a way of transmitting money; but they they are not worth a whole lot simply because of the ability to transmit money.
Jamie Dimon, the head of financial giant JPMorgan Chase & Co., Bitcoin is simply “a fraud.”
Dimon isn’t a fan of Bitcoin, the largest cryptocurrency by market value.
“I personally think that bitcoin is worthless,” Dimon was quoted by CNBC Pro as saying. But, “I don’t want to be a spokesperson — I don’t care. It makes no difference to me,” he said. “Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”
Recently, he told Axios CEO Jim VandeHei that Bitcoin has “no intrinsic value.” And although he thinks bitcoin will be around long term, “I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”
“JP Morgan CEO Jamie Dimon thinks Bitcoin is a “fraud.”
Infamous Last Words
Cryptocurrency is an unregulated space and digital currencies are not backed by the United States or any sovereign authority.
Investing in cryptocurrency comes with market risks; so do your due diligence before trading or buying crypto.
If the investment “prophets” are correct, the mother of all crypto crashes is coming!
Therefore, those of us who are not being naïve about it will heed what these 2 financiers say about cryptocurrency and err on the side of caution.