Bitcoin Bulls and Bears

Who’s Hot, Who’s Not on Crypto

Updated 2018-01-11 10:38 am


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Bitcoin’s meteoric rise has made it hard for even those in the highest spheres of finance, technology and government to ignore – and many have an opinion about its approximate 1,704 percent gain in the past 12 months. People have debated the potential of cryptocurrencies since the mysterious Satoshi Nakamoto released a nine-page paper explaining the technology in 2009. Here’s a look at who’s on which side and what they’re saying.

Jamie Dimon
JPMorgan Chase & Co. chief executive officer

“I regret making” comments saying bitcoin is a fraud, Dimon said in an interview with the Fox Business network. “The blockchain is real. You can have crypto yen and dollars and stuff like that.” – 01/09/2018


Jurrien Timmer
Director of global macro, Fidelity Investments

Digital currency is “disruptive, it has a lot of potential but that doesn’t tell us a lot about what these actual instruments are worth ... Even the insiders in that industry don’t really know where it’s going and it’s going to take some time. And for the average investor, you know, buyer beware because you need to do your homework and it’s tough; there’s a very high learning curve to figure out exactly what this all means.” – 11/30/2017


Andreas Treichl
Chief executive officer, Erste Group Bank AG

“I’m not” a bitcoin believer. “My kids think I’m really stupid ... they could have made a lot of money and I didn’t allow them to invest in it ... It’s fascinating but it will make central banks lose control, and they are not going to let this happen. At some point in time, maybe at $20,000, $25,000, $30,000, somebody will say ‘Stop!’” – 11/30/2017


Lorenzo Bini Smaghi
Chairman, Societe Generale SA

“We will discover that behind this bitcoin scam, some funds were channeled maybe to finance terrorism and at that point, we will wake up and realize that this is not appropriate.” – 11/30/2017


Jeff Currie
Global head of commodities research, Goldman Sachs Group Inc.

“I don’t see why there is all this hostility to it.” Bitcoin is “not much different than gold” because it doesn’t have liability attached to it, by definition, like a security. – 11/29/2017


William Dudley
President, Federal Reserve Bank of New York

“In terms of bitcoin, I would be pretty cautionary about it. I think that it’s not a stable store of value ... I would be, at this point, pretty skeptical of bitcoin. I think it’s really more of a speculative activity.” – 11/29/2017


Joseph Stiglitz
Nobel prize-winning professor of economics, Columbia University

“Bitcoin is successful only because of its potential for circumvention, lack of oversight, so it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.” – 11/29/2017


Severin Cabannes
deputy chief executive officer, Societe Generale SA

“Bitcoin today is, in my view, very clearly in a bubble.” – 11/03/2017


Lloyd Blankfein
chief executive officer, Goldman Sachs Group Inc.

“I don’t have an investment in it, but I’m not willing to pooh-pooh it, and that’s why I say I’m open to it.” – 11/02/2017


Tidjane Thiam
chief executive officer, Credit Suisse Group AG

“From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.” – 11/02/2017


Bill Miller
founder, Miller Value Partners

“I believe there is still a nontrivial chance bitcoin goes to zero, but each day it does not, that chance declines as more venture capital flows into the bitcoin ecosystem and more people become familiar with bitcoin and buy it.” – 10/30/2017


Warren Buffett
chief executive officer, Berkshire Hathaway Inc. and billionaire investor

“People get excited from big price movements, and Wall Street accommodates … You can’t value bitcoin because it’s not a value-producing asset.” It’s a “real bubble.” – 10/29/2017


Peter Thiel
co-founder, PayPal and billionaire venture capitalist

Bitcoin critics are “underestimating [it] … It’s like a reserve form of money, it’s like gold and it’s just a store of value. You don’t need to use it to make payments.” – 10/26/2017


Brian Moynihan
chief executive officer, Bank of America Corp.

“There ought to be a hard look at the policy of anonymous currencies, because the ability to track information of money flowing is one we use seriously against terrorism and as [a tool] against improper, illegal behavior.” – 10/26/2017


Prince Alwaleed Bin Talal
Saudi Arabia billionaire

“I just don’t believe in this bitcoin thing. I think it’s just going to implode one day. I think this is Enron in the making ... It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision” of any central bank. – 10/23/2017


Ben Bernanke
former chairman, Federal Reserve

“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.” – 10/17/2017


Sergio Ermotti
chief executive officer, UBS Group AG

“People are more curious than really willing to invest. I don’t think there’s any meaningful desire by high net worth individuals to take big bets on this kind of phenomenon.” – 10/10/2017


Kyle Bass
founder, Hayman Capital Management

“I think it will be an asset class that will work over time. I’m not sure how to value it yet, I really have no idea ... I think there’s a digital gold rush that’s gone on. I think a whole bunch of people are going to lose a lot of money. These ICOs? You’re going to see a bunch of them go completely broke. A bunch of them are frauds, and that’s going to be problematic for all the people that just rushed in. And so I feel like it’s a bit of a mania at the moment, but I think in the long term, it’s a viable asset class.” – 10/06/2017


Mark Cuban
billionaire venture capitalist

Bitcoin’s “value is a function of supply and demand; it doesn’t really do anything else … Blockchain is a great platform for future applications.” – 10/03/2017


Larry Fink
chief executive officer, BlackRock Financial Management

“Bitcoin just shows you how much demand for money laundering there is in the world.” – 10/03/2017


Ray Dalio
co-chairman and founder, Bridgewater Associates

“It’s very much speculative. People are thinking, ‘Can I sell it at a higher price?‘ so it’s a bubble ... With bitcoin, you can’t make much transactions in it and you can’t spend it very easily. It’s not an effective store-hold of wealth because it has volatility, unlike gold.” – 09/29/2017


Christine Lagarde
managing director, International Monetary Fund

“Not so long ago, some experts argued that personal computers would never be adopted and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.” Countries with “weak institutions and unstable national currencies” may see growing use. – 09/29/2017


James Gorman
chief executive officer, Morgan Stanley

Bitcoin is “certainly something more than just a fad ... The concept of anonymous currency is a very interesting concept -- interesting for the privacy protections it gives people, interesting because what it says to the central-banking system about controlling that.” – 09/27/2017


Mike Novogratz
former macro manager, Fortress Investment Group

“This is going to be the largest bubble of our lifetimes … Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.” – 09/26/2017


Vitor Constancio
vice president, European Central Bank

“Bitcoin is a sort of tulip. It’s indeed an instrument of speculation for those that want to bet on something that can go up and down 50 or 40 percent in a few days but certainly not a currency, and certainly we don’t see it as a threat to central banking or monetary policy, that’s for sure.” – 09/22/2017


Elvira Nabiullina 
governor, Bank of Russia

“China doesn’t recognize cryptocurrency as payment and forbids ICOs … Our views are absolutely similar. In our view, it’s a sort of a financial pyramid that may collapse at any moment.” – 09/14/2017


Jamie Dimon
chief executive officer, JPMorgan Chase & Co.

“It’s a fraud.” If a JPMorgan trader began trading in bitcoin “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.” – 09/12/2017


Howard Marks
co-chairman and co-founder, Oaktree Capital Group

“So my initial bottom line is that I see no reason why bitcoin can’t be a currency … But I still don’t feel like putting my money into it, because I consider it a speculative bubble. I’m willing to be proved wrong.” – 09/08/2017


Robert Shiller
Nobel prize-winning professor of economics, Yale University

“The best example [of a speculative bubble] right now is bitcoin.” – 09/05/2017


Howard Marks
co-chairman and co-founder, Oaktree Capital Group

“Digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it." They are "not real!!!!! Nobody has been able to make sense to me of these currencies.” – 07/26/2017


Abigail Johnson
chief executive officer, Fidelity Investments

“I’m a believer. ... I’m one of the few standing before you today from a large financial-services company that has not given up on digital currencies.” – 05/23/2017


Haruhiko Kuroda
governor, Bank of Japan

“Given that the development of financial services has been supported by ledgers as the basic infrastructure for information, the dramatic changes in how ledgers are kept may have the potential of significantly changing the structure of financial services.” – 08/23/2016


Mark Carney
governor, Bank of England

“If distributed-ledger technology could provide a more efficient way for private-sector firms to deliver payments and settle securities, why not apply it to the core of the payments system itself? The great promise of distributed ledgers for central banks is their potential to enhance resilience.” – 06/16/2016


Ravi Menon
managing director, Monetary Authority of Singapore (MAS)

“Whether digital currencies will take off in a big way remains to be seen. But it is a phenomenon that many central banks are watching closely, including MAS. And if they do take off, one cannot rule out central banks themselves issuing digital currencies some day!’” – 06/29/2015


Bill Gates
co-founder, Microsoft Corp.

“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” – 10/02/2014


Richard Branson
founder, Virgin Group

Bitcoin as a currency “is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around bitcoin. People have made fortunes off bitcoin; some have lost money. It is volatile, but people make money off of volatility, too.” – 09/10/2014


Eric Schmidt
chairman, Alphabet Inc.

Bitcoin “is a remarkable cryptographic achievement. The ability to create something which is not duplicable in the digital world has enormous value.” – 03/03/2014


Paul Krugman
Nobel prize-winning professor of economics, City University of New York

“Bitcoin is evil … So far almost all of the bitcoin discussion has been positive economics — can this actually work? And I have to say that I’m still deeply unconvinced.” – 12/28/2013


Milton Friedman
Nobel prize-winning economist

“The internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash: a method whereby on the internet you can transfer funds from A to B without A knowing B or B knowing A -- the way in which I can take a $20 bill and hand it over to you, and there’s no record of where it came from.” – 06/21/1999


Jamie Dimon

JPMorgan Chase & Co. chief executive officer

“I regret making” comments saying bitcoin is a fraud, Dimon said in an interview with the Fox Business network. “The blockchain is real. You can have crypto yen and dollars and stuff like that.”

– 01/09/18 [Source]

Price on quote date $14,554.08

The $710.41b Cryptocurrency Market



Symbol: BTC

Price USD: $14,233.6000

24hr Volume: $18.24b

Market Cap: $239.07 b

Available Supply: 17m

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Percent Change 7d: -5%



Symbol: ETH

Price USD: $1,241.7800

24hr Volume: $8.68b

Market Cap: $120.35 b

Available Supply: 97m

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Percent Change 1hr: 2%

Percent Change 24hr: -8%

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Symbol: XRP

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24hr Volume: $5.70b

Market Cap: $83.61 b

Available Supply: 39b

Total Supply: 100b

Percent Change 1hr: 13%

Percent Change 24hr: 10%

Percent Change 7d: -40%


Bitcoin Cash

Symbol: BCH

Price USD: $2,641.8000

24hr Volume: $2.60b

Market Cap: $44.66 b

Available Supply: 17m

Total Supply: 17m

Percent Change 1hr: 2%

Percent Change 24hr: 0%

Percent Change 7d: 9%



Symbol: ADA

Price USD: $0.7498

24hr Volume: $255.52m

Market Cap: $19.44 b

Available Supply: 26b

Total Supply: 31b

Percent Change 1hr: 7%

Percent Change 24hr: 1%

Percent Change 7d: -37%



Symbol: LTC

Price USD: $240.9350

24hr Volume: $1.10b

Market Cap: $13.18 b

Available Supply: 55m

Total Supply: 55m

Percent Change 1hr: 2%

Percent Change 24hr: -1%

Percent Change 7d: 3%



Symbol: XEM

Price USD: $1.4463

24hr Volume: $95.45m

Market Cap: $13.02 b

Available Supply: 9b

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Percent Change 1hr: 6%

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Percent Change 7d: -19%



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24hr Volume: $282.76m

Market Cap: $10.02 b

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Total Supply: 104b

Percent Change 1hr: 8%

Percent Change 24hr: 4%

Percent Change 7d: -31%



Symbol: MIOTA

Price USD: $3.5422

24hr Volume: $280.87m

Market Cap: $9.85 b

Available Supply: 3b

Total Supply: 3b

Percent Change 1hr: 0%

Percent Change 24hr: 2%

Percent Change 7d: -11%



Symbol: DASH

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24hr Volume: $196.61m

Market Cap: $8.33 b

Available Supply: 8m

Total Supply: 8m

Percent Change 1hr: 3%

Percent Change 24hr: -1%

Percent Change 7d: -10%



Symbol: NEO

Price USD: $116.4100

24hr Volume: $299.78m

Market Cap: $7.57 b

Available Supply: 65m

Total Supply: 100m

Percent Change 1hr: 2%

Percent Change 24hr: -3%

Percent Change 7d: 14%



Symbol: TRX

Price USD: $0.1140

24hr Volume: $1.28b

Market Cap: $7.50 b

Available Supply: 66b

Total Supply: 100b

Percent Change 1hr: 4%

Percent Change 24hr: 5%

Percent Change 7d: -37%

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Reporter: Camila Russo

Editor: Melinda Grenier

Producer: Thomas Houston

Development: James Singleton

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