Bitcoin, the world’s largest cryptocurrency by market capitalization, has faced criticism from economists, politicians, bankers, and investors. Since its launch in 2008, Bitcoin has received numerous negative and skeptical reviews, with some calling it a scam or predicting its downfall.
Despite Bitcoin’s growth and maturity in recent years, some critics have remained steadfast in their rejection of the cryptocurrency. Cointelegraph has identified several Bitcoin commentators who continue to reject or remain skeptical of Bitcoin, even as it reaches new all-time highs in 2024.
One prominent Bitcoin critic is American stockbroker Peter Schiff, known for advocating for gold investments. Schiff has been criticizing Bitcoin since 2013, but interestingly, his son decided to invest his entire portfolio in Bitcoin in 2021. Despite being wrong in his prediction that Bitcoin would never reach $100,000, Schiff continues to slam Bitcoin and expresses concerns about the US government potentially embracing Bitcoin and creating a strategic Bitcoin reserve.
Another critic is American economist and journalist Paul Krugman, who won the 2008 Nobel Prize for Economics. Krugman has been critical of Bitcoin since its early years, describing it as evil and comparing it to a Ponzi scheme. Krugman argues that cryptocurrencies like Bitcoin are better suited for illicit transactions compared to cash banknotes.
Executives from the European Central Bank (ECB) have also criticized Bitcoin. Ulrich Bindseil, the ECB’s payments director, and Jürgen Schaaf, an ECB adviser, wrote a study warning about the distributional consequences of Bitcoin. They called on non-holders of Bitcoin to advocate for legislation against it, claiming that early holders exploit newer buyers.
Jamie Dimon, CEO of JPMorgan Chase, remains skeptical of Bitcoin despite JPMorgan’s involvement in spot Bitcoin ETFs. Dimon referred to Bitcoin as a “pet rock” and has vowed not to talk publicly about cryptocurrency.
Rafi Farber, publisher of the gold-focused marketplace service End Game Investor, is a young Bitcoin critic. He believes that Bitcoin contributes to more money printing and the spread of US inflation. He argues that buying gold and silver removes money from the monetary system, while buying Bitcoin stimulates the price of US Treasurys and spreads US inflation.
Despite their skepticism, some critics acknowledge that they may change their stance on Bitcoin in the future, depending on how it weathers a global financial crisis.