Bitcoin has taken roughly 15 years to surge from its inception to breaking the $100,000 mark, evolving into a $2 trillion asset and helping propel the total cryptocurrency market toward $4 trillion. Along the way, it has faced skepticism, ridicule, and outright hostility — especially from some of the most influential figures in traditional finance.
Yet as the digital asset continues to mature and gain institutional acceptance, the views of several prominent financial leaders have shifted — some dramatically. Others remain unconvinced. Here’s how five major financial figures who once dismissed Bitcoin are viewing it today.
Jamie Dimon – CEO of JPMorgan Chase
Jamie Dimon has long been one of Bitcoin’s most vocal critics. Back in 2017, he famously called Bitcoin a “fraud” and threatened to fire any JPMorgan employee caught trading it. He later escalated his criticism during a congressional hearing, labeling Bitcoin a “decentralized Ponzi scheme” and urging regulators to “shut it down.”
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Despite Dimon’s personal stance, JPMorgan has taken significant steps into the crypto space. The bank was an early adopter of blockchain technology and now holds positions in Bitcoin ETFs. It even developed its own blockchain-based payment system, JPM Coin.
Yet Dimon remains personally skeptical. In recent statements, he referred to Bitcoin as a useless “pet rock” — a metaphor meant to underscore his belief that it lacks intrinsic value. While his firm engages with digital assets, his personal view reflects a lingering distrust of decentralized currencies.
Warren Buffett – The Oracle of Omaha
Warren Buffett, chairman and CEO of Berkshire Hathaway, has been one of Bitcoin’s most consistent critics. His sharpest critique came in 2018 during Berkshire’s annual shareholder meeting, where he described Bitcoin as “probably rat poison squared” — a vivid metaphor suggesting it’s not just toxic, but doubly so.
Even when offered the entire global supply of Bitcoin for just $25, Buffett said he wouldn’t take it — underscoring his belief that it produces no value, unlike stocks or real estate.
In April 2023, during a CNBC interview, Buffett reiterated his stance, attributing the popularity of cryptocurrencies to Americans’ gambling instincts rather than sound investment principles. At the 2024 shareholder meeting, he didn’t mention Bitcoin at all — a silence that may signal either waning interest or strategic avoidance.
Buffett’s core philosophy centers on investing in productive assets — businesses that generate earnings. Bitcoin, which produces no cash flow, remains fundamentally incompatible with his worldview.
Larry Fink – CEO of BlackRock
Larry Fink once had harsh words for Bitcoin. In 2017, he labeled it the “index of money laundering,” reflecting widespread concerns about crypto’s use in illicit activities. He also claimed that his clients weren’t interested in digital assets.
But Fink’s perspective has undergone a dramatic transformation.
👉 See how the world’s largest asset manager embraced crypto.
Today, BlackRock — managing over $10 trillion in assets — operates the world’s largest Bitcoin ETF: iShares Bitcoin Trust (IBIT). Fink now describes Bitcoin as a legitimate asset class that offers returns uncorrelated with traditional markets. He sees it as a potential hedge against currency devaluation and geopolitical instability.
This shift wasn’t sudden. Fink spent years studying digital assets and blockchain technology before concluding that institutional demand was real and growing. His endorsement has been a major catalyst for mainstream financial adoption of Bitcoin.
Fink doesn’t necessarily view Bitcoin as a replacement for fiat currencies, but rather as a new form of digital gold — scarce, portable, and independent of government control.
Ken Griffin – Founder of Citadel
Ken Griffin, billionaire founder of hedge fund giant Citadel, has long warned about what he sees as the speculative bubble surrounding Bitcoin. He compared the crypto frenzy to the 17th-century Dutch tulip mania — one of history’s most infamous market bubbles.
In 2021, during Bitcoin’s price surge, Griffin made headlines with a provocative statement: “Let’s face it — this is jihadists calling on us not to believe in the dollar.” The comment reflected his concern that decentralized currencies could undermine national monetary systems.
Now, Griffin admits he was wrong about Bitcoin’s staying power.
While he still questions its economic utility and long-term viability, he acknowledges that demand — particularly from younger investors and institutions — is real and persistent. Citadel itself has become active in the digital asset space, offering crypto trading to its clients and investing in blockchain startups.
Griffin’s evolution mirrors a broader trend: even skeptics are adapting to a financial landscape where digital assets can no longer be ignored.
Ray Dalio – Co-Founder of Bridgewater Associates
Ray Dalio, co-founder of the world’s largest hedge fund, Bridgewater Associates, once dismissed Bitcoin as a “speculative bubble” back in 2017. But over the past few years, his tone has shifted significantly.
By 2021, Dalio was calling Bitcoin a “brilliant invention” and likening it to gold — a non-sovereign store of value. He revealed that he owns both Bitcoin and Ethereum and has expressed interest in allocating more to digital assets as part of a diversified portfolio.
Dalio sees Bitcoin as a hedge against monetary inflation and growing government debt. In fact, he has recently warned about rising debt levels across global central banks and advised investors to consider both gold and Bitcoin as protective assets.
However, he also recognizes a major risk: government crackdowns. In his view, if Bitcoin becomes too successful, governments may move to ban or heavily regulate it — simply because it threatens their control over monetary policy.
“When I put myself in the shoes of government officials,” Dalio said, “it’s hard to imagine they’d allow Bitcoin — or even gold — to become a clearly better alternative to the money and credit they’re creating.”
This tension between decentralization and state control remains one of the biggest unresolved questions in the crypto space.
Frequently Asked Questions (FAQ)
Q: Why did so many financial leaders initially dismiss Bitcoin?
A: Early criticisms stemmed from concerns about volatility, lack of intrinsic value, use in illegal activities, and absence of regulatory oversight. Many traditional investors viewed Bitcoin as speculative rather than investment-grade.
Q: Has institutional adoption changed expert opinions on Bitcoin?
A: Yes. The launch of Bitcoin ETFs, growing corporate treasury holdings (like MicroStrategy), and integration by major financial firms have legitimized Bitcoin in the eyes of many former skeptics.
Q: Is Bitcoin really like digital gold?
A: Many investors and analysts draw this comparison due to Bitcoin’s capped supply (21 million coins), durability, portability, and resistance to inflation — similar to how gold functions as a store of value.
Q: Can governments ban Bitcoin?
A: While governments can restrict or ban crypto trading within their borders, completely eliminating Bitcoin is difficult due to its decentralized nature. However, regulation remains a significant risk factor.
Q: Are any major investors now buying Bitcoin?
A: Yes. Companies like MicroStrategy and Tesla hold substantial Bitcoin reserves. Asset managers like BlackRock and Fidelity offer Bitcoin ETFs, signaling strong institutional demand.
Q: Should I invest in Bitcoin based on these experts’ views?
A: Expert opinions vary widely. While some see long-term potential, others remain cautious. Always conduct independent research and consider your risk tolerance before investing.
Final Thoughts
The journey of Bitcoin from fringe experiment to mainstream asset has forced even the most powerful figures in finance to reevaluate their assumptions. Some, like Larry Fink and Ray Dalio, have evolved into cautious supporters. Others, like Warren Buffett and Jamie Dimon, remain deeply skeptical despite their firms’ growing involvement in blockchain and crypto-adjacent technologies.
What’s clear is that Bitcoin is no longer easy to ignore — not for regulators, not for institutions, and certainly not for investors planning for the future.
Whether it becomes a cornerstone of global finance or remains a volatile alternative asset, its impact is undeniable.
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