This week, Bitcoin surged past $110,000, reaching an unprecedented peak of $111,963. With a market capitalization now exceeding $2.2 trillion, Bitcoin has officially overtaken Amazon to rank as the 5th most valuable asset globally. This milestone reaffirms a powerful truth: since its inception in 2008, Bitcoin has never failed those who held steadfast through volatility.
Michael Saylor, executive chairman of Strategy, whose firm holds over $23 billion in unrealized gains from Bitcoin, confidently stated: “If you’re not buying Bitcoin at new highs, you’re missing the opportunity.” His words echo across the crypto community as a rallying cry — one rooted in data, conviction, and long-term vision.
But for every believer, there were once skeptics — prominent figures who dismissed Bitcoin as worthless, only to be contradicted by its relentless rise. Let’s revisit their predictions, contrast them with today’s reality, and examine how perception shifts when price speaks louder than rhetoric.
Warren Buffett: “Bitcoin is Rat Poison Squared”
Warren Buffett, widely regarded as the “Oracle of Omaha,” has long been one of Bitcoin’s most vocal critics. In 2013, when Bitcoin traded around $100, he famously called it “rat poison.” By 2018, after Bitcoin had climbed to nearly $9,000, his stance hardened: “It might be rat poison squared.”
At the 2019 Berkshire Hathaway shareholder meeting, Buffett doubled down:
“It’s a gambling device. There’s a lot of fraud associated with it. Bitcoin doesn’t produce anything. To me, it’s like seashells — not an investment.”
Despite his influence, Buffett never warmed to digital assets. Even in recent years, no one at Berkshire Hathaway’s annual meetings has pressed him on Bitcoin — perhaps because the answer remains unchanged.
👉 Discover how institutions are rethinking digital assets today.
What If Berkshire Had Invested?
Since 2018, Berkshire’s cash reserves have grown from $111.86 billion to over $350 billion by Q1 2025. While Buffett chose liquidity over innovation, consider this scenario:
- If Berkshire had allocated just 1% of its 2018 cash reserve ($1.1 billion) to Bitcoin at ~$14,000, that investment would now be worth over $8.6 billion.
- Had they continued investing 1% annually, compounding gains could have added tens of billions more.
Bitcoin isn’t about beating Buffett — it’s about understanding a new paradigm of value storage.
Donald Trump: From “Crypto Is a Scam” to “Crypto President”
In 2019, then-President Trump tweeted:
“I am not a fan of Bitcoin and other cryptocurrencies… they are not money and can facilitate illegal activity.”
By June 2021, he escalated: “Bitcoin is a scam. I wouldn’t be surprised if it fell below $6,000.” He opposed it largely because it challenged the dollar’s dominance.
Yet by 2025, Trump had transformed into the so-called “Crypto President.” Why the shift?
Political winds changed. The crypto community emerged as a powerful voting bloc during the 2024 U.S. election cycle. To gain support, Trump began attending major blockchain conferences and advocating for pro-crypto policies.
Post-election, his business interests followed suit — launching World Liberty Financial, a crypto platform; issuing the TRUMP meme coin; and even rolling out a stablecoin called USD1.
Love it or loathe it — Trump’s pivot played a role in fueling the current bull market.
FAQ: Did Trump really change his mind about Bitcoin?
While personal conviction is debatable, his policy and business actions reflect a full reversal — aligning with political and financial incentives tied to crypto adoption.
Bill Gates: “I’d Short Bitcoin”
Bill Gates expressed skepticism early on. In a 2018 CNBC interview, he said:
“It doesn’t produce anything, so you shouldn’t expect it to go up… I agree with shorting it if there’s an easy way.”
Though he softened slightly in 2021, by 2022 he criticized NFTs as “100% based on the greater fool theory.” In May 2024, he reiterated:
“Crypto doesn’t create value like real companies do. Its worth depends only on what someone else will pay.”
Gates values tangible innovation — products that solve global problems. To him, speculative assets fall short.
Still, even critics must acknowledge that Bitcoin has created wealth for millions and enabled financial access in underserved regions.
Jamie Dimon (JPMorgan): “Bitcoin Has No Value”
Jamie Dimon hasn’t held back. Over the years, his comments include:
- 2014: “Terrible store of value”
- 2017: “Fraud”
- 2021: “Has no intrinsic value”
In January 2025, he compared owning Bitcoin to smoking:
“People have the right to smoke… but that doesn’t mean it’s smart.”
Yet JPMorgan quietly embraced reality:
- Launched JPM Coin in 2019
- In May 2025, announced clients can now buy Bitcoin (though custody remains off-limits)
Dimon may dislike Bitcoin — but his bank won’t ignore demand.
FAQ: Can traditional banks support Bitcoin without believing in it?
Absolutely. Financial institutions serve clients first. Regulation and demand often override personal opinions.
👉 See how major financial players are integrating digital assets.
Larry Fink (BlackRock): From “Money Laundering Tool” to “Digital Gold”
In 2017, Larry Fink called crypto a sign of rampant money laundering. In 2021, he aligned with Dimon: “I think Bitcoin has no value.”
Then came the turnaround.
In July 2023, Fink declared Bitcoin “digital gold.” By March 2024, when asked its value, he responded poetically:
“How much is human freedom worth?”
He admitted:
“I was wrong five years ago. Bitcoin is legitimate. It offers uncorrelated returns.”
By March 2025, BlackRock projected Bitcoin could reach $500,000–$700,000.
This evolution underscores a broader institutional awakening.
Jack Ma: “Blockchain Isn’t a Bubble — But Bitcoin Is”
Alibaba founder Jack Ma has long supported blockchain technology. But regarding Bitcoin? Skeptical.
In 2017 and again in 2018 and 2021, he stated clearly:
“Bitcoin is a bubble. Blockchain has potential — but not this.”
Ma separates the tech from the token — a common view among Web2 leaders.
Lang Xianping: “I Wouldn’t Take It Even If You Gave It to Me”
In a 2014 episode of Caijing Langyan, economist Lang Xianping said:
“Even if you gave me Bitcoin, I wouldn’t take it. It means nothing to me.”
By 2018, he doubled down, calling it a “phantom” and “speculative bubble,” citing Buffett’s warnings.
That clip became a viral meme — now ironically shared by holders celebrating new highs.
Conclusion: Bitcoin Is the New Faith
Bitcoin began as code in 2008. Today, it stands as a global financial force — not because of hype, but due to scarcity, decentralization, and growing adoption.
Its rise has silenced many doubters — not through argument, but through performance.
To some, it’s still speculative. To others, it’s digital gold, financial sovereignty, or even a new religion — one without temples or priests, yet with millions of true believers validating its truth daily through transactions and holdings.
As Saylor said: Price is truth.
And right now, the price speaks volumes.
FAQ: Is Bitcoin still a good investment after hitting $110K?
Many experts believe so. With limited supply (only 21 million coins), increasing institutional adoption, and macroeconomic uncertainty driving demand for hard assets, long-term potential remains strong.FAQ: Why do smart people get Bitcoin wrong?
Because it challenges legacy systems of value. Those invested in traditional finance often struggle to see beyond familiar frameworks — until performance forces a rethink.FAQ: Will more companies follow MicroStrategy’s lead?
Already happening. As treasury strategies evolve and inflation persists, holding Bitcoin as a reserve asset becomes increasingly rational for forward-thinking firms.
👉 Learn how to analyze Bitcoin's long-term potential like an institutional investor.
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