Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Bitcoin’s Biggest Critics And Their Concerns

CryptocurrencyFeb 26, 2021 04:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Bitcoin’s Biggest Critics And Their Concerns

  • 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 (NYSE:BABA) 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 (NYSE:JPM) 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 (NASDAQ:GOOGL) 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.

Continue reading on DailyCoin

Bitcoin’s Biggest Critics And Their Concerns

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Dee Mehta
DMFINANCE Feb 26, 2021 4:19AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Time to buy when this news is out
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email