- Cryptocurrencies have exploded in recent years, but not everyone is on board yet.
- Some naysayers like the co-creator of Dogecoin say the crypto is worthless and “inherently right-wing.”
- Other critics say it is plagued with get-rich-quick scams that drain ordinary people of their funds.
It’s easy to find crypto disciplines singing the praises of the online movement.
There’s Elon Musk, of course, alongside giant corporations like Binance and Coinbase, and many other investors, developers, and apostles shouting his supposed social and financial benefits from the rooftops.
But what about those who oppose cryptocurrencies? Let’s take a look at the other side of the coin.
Warren Buffett thinks bitcoin is a “squared rat poison”
The billionaire CEO of Berkshire Hathaway has crypto strongly denounced as just a risky asset for a while, pushing back against claims that it could revolutionize finance.
He thinks it’s without value because the virtual part does not produce anything. Rather, its value comes solely from someone else paying more for it (similar to the pyramid scheme comparison that some critics usually use.)
“If you and I buy various cryptocurrencies, they won’t multiply,” Buffet said. CNBC in mid-2018. “There won’t be a bunch of bunnies sitting there in front of us. They’ll just sit there. And I hope next time you’re more excited after I bought it from you, then I’ll have more excited and you buy it.”
JPMorgan CEO Jamie Dimon said it was ‘worthless’
Dimon also didn’t keep his distaste for crypto a secret, calling it a speculative asset class that “has nothing to do with gold” or traditional fiat currency.
“Something that’s not backed by anything, I don’t believe it has much value,” he said. said in mid-2021.
He was, however, keen to separate his opinion from his business – JPMorgan allows users to make payments with a digital coin created by the bank, JPM Coin, and gave customers access to a number of crypto funds.
From Doge to no
One of the more surprising anti-crypto heralds is meme coin co-creator Doge himself.
Jackson Palmer started Dogecoin as a joke in 2013 and has since become a critic of cryptocurrencies, including posting a famous Twitter thread in 2021 declaring that crypto “is an inherently right-wing hypercapitalist technology.”
He said that instead of crypto remaining true to its decentralized roots, the space is now controlled by “a powerful cartel of rich personalities” who have brought the worst aspects of the centralized capitalist system to the market, such as fraud and Corruption.
The cryptocurrency is built “primarily to amplify the wealth of its supporters through a combination of tax avoidance, reduced regulatory oversight and artificially imposed scarcity,” he said.
Ben McKenzie, actor turned crypto critic
Another frowning addition to the anti-crypto clan is Ben McKenzie, who starred on the first hit show “The OC.”
He made waves in 2021 for a Slate piece chastising celebrities for jumping into space for profit while dismissing the effect their influence might have on unsuspecting investors who follow them online. Kim Kardashian, Tom Brady, Aaron Rodgers, and actor Matt Damon are just a few big names who have partnered with crypto brands and projects.
“[It’s not] a good idea for a public servant to promote gambling with his full salary in what is essentially an unlicensed and unregulated casino,” the article read.
Don’t miss Molly White and her “Web3 is Going Just Great” stories
The Twitter account web3 is going great has become a staple, tweeting market gasps big and small to its 85,000 followers, from fraudulent investments to hacks that drain people’s bank accounts.
It is led by Molly White, a veteran Wikipedia writer and editor who has been dubbed one of crypto’s biggest fearmongers.
The gist of his position is that crypto-loving figures and companies are marketing the space as an innovative technology and a way to get rich — only to bankrupt the regular people who have lent their financial support there.
“People are putting in money that they can’t afford to lose,” White told the Washington Post in May. “They thought this could be their ticket out of poverty or they could finally stop working this job for minimum wage and all their savings would run out.”
Senator Elizabeth Warren is The Hill’s strongest anti-crypto voice
The Democrat has long slammed the crypto market to operate without the same rules that exist in the traditional financial system – rules that help protect consumers from fraud and risk.
She also lambasted the wealth consumption aspect of crypto culture and for the most part crypto holdings at the highest echelons of society, which she says does not promote financial inclusion.
“We need real solutions to make the financial system work for everyone, not just the rich,” she says in December. “Bitcoin ownership is even more concentrated in the top 1% than dollars.”