The year 2024 proved to be a landmark for Bitcoin and the broader cryptocurrency market. With significant developments such as the approval of Bitcoin spot ETFs, increased regulatory clarity, and growing institutional adoption, Bitcoin solidified its position as a mainstream asset class.
These advancements led to a shift in perception among several prominent investors and business leaders who were once critical of Bitcoin. Below, we explore the journey of these skeptics-turned-believers, supported by verifiable sources and insights.
List of Investors
1. Larry Fink
Previous Stance: As CEO of BlackRock, Fink was skeptical of Bitcoin, once describing it as a “speculative asset that had no real purpose.”
Reason for the Switch: In 2024, BlackRock’s approval to launch a Bitcoin ETF marked a shift in Fink’s approach. He acknowledged that client demand and the maturation of the crypto ecosystem made Bitcoin an attractive investment.
Current Actions: Fink publicly endorsed Bitcoin as a potential “international asset” and noted its role in diversifying portfolios. BlackRock’s ETF became a major catalyst for Bitcoin’s price surge. (Source: Marketwatch, 2024)
2. Jamie Dimon
Previous Stance: The JPMorgan Chase CEO famously called Bitcoin a “fraud” in 2017 and dismissed it as “worthless.”
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Reason for the Switch: By 2024, Dimon softened his stance, citing increased regulation and institutional adoption as factors stabilizing the market. He acknowledged Bitcoin’s role as a store of value, particularly in uncertain economic times.
Current Actions: Under Dimon’s leadership, JPMorgan expanded its crypto services, offering custody solutions and blockchain-based payment systems. (Source: Forbes, 2024)
3. Ken Griffin
Previous Stance: Griffin, founder of Citadel, had dismissed Bitcoin as a “jihadist call” against the dollar.
Reason for the Switch: Griffin’s perspective shifted in 2024, driven by Bitcoin’s resilience and its growing appeal to institutional investors. He noted that the technology underpinning Bitcoin could revolutionize financial markets.
Current Actions: Citadel began offering liquidity services for Bitcoin futures and ETFs. (Source: Financial Times, 2024)
4. Howard Marks
Previous Stance: The co-founder of Oaktree Capital referred to Bitcoin as “an unfounded fad” in earlier commentaries.
Reason for the Switch: Marks reevaluated his stance after witnessing Bitcoin’s integration into institutional portfolios and its acceptance as a legitimate asset class in 2024.
Current Actions: Marks now advises clients to consider Bitcoin as part of a diversified portfolio, especially as a hedge against inflation. (Source: BusinessInsider, 2024)
5. Stanley Druckenmiller
Previous Stance: Druckenmiller was initially skeptical of Bitcoin’s ability to hold value.
Reason for the Switch: In 2024, he cited Bitcoin’s increasing adoption among younger generations and its potential to outperform gold as a store of value.
Current Actions: Druckenmiller disclosed a personal allocation to Bitcoin and highlighted its role in mitigating risks associated with fiat currency devaluation. (Source: Forbes, 2024)
6. Paul Tudor Jones
Previous Stance: Jones had previously expressed uncertainty about Bitcoin’s legitimacy as an asset class.
Reason for the Switch: By 2024, Jones described Bitcoin as the “fastest horse” in the race against inflation, emphasizing its potential to protect wealth during economic uncertainty.
Current Actions: He increased his Bitcoin holdings, advocating for its inclusion in institutional investment strategies. (Source: CNBC, 2024)
7. Ray Dalio
Previous Stance: The Bridgewater Associates founder questioned Bitcoin’s volatility and regulatory risks.
Reason for the Switch: In 2024, Dalio recognized Bitcoin as a viable hedge against inflation and geopolitical instability, citing its limited supply as a key attribute.
Current Actions: Dalio included Bitcoin in Bridgewater’s portfolio and spoke about its importance in a world of declining fiat currency trust. His portfolio is (Source: Yahoo Finance, 2024)
8. Carl Icahn
Previous Stance: Icahn dismissed cryptocurrencies as “ridiculous” and lacking intrinsic value.
Reason for the Switch: In 2024, Icahn acknowledged Bitcoin’s increasing institutional adoption and its role in combating inflation as key reasons for his change of heart.
Current Actions: Icahn Enterprises invested in Bitcoin-related infrastructure companies, such as mining operations and blockchain solutions. (Source: Forbes, 2024)
9. Donald J. Trump
Previous Stance: Donald Trump initially criticized Bitcoin, referring to it as a scam and expressing concern over its potential to undermine the U.S. dollar. He called it “too volatile” and suggested it could be a threat to traditional currencies and financial systems.
Reason for the Switch: In 2024, Trump’s stance shifted as Bitcoin gained more mainstream acceptance, with institutional investors and major financial players entering the space. The growing momentum of blockchain technology and Bitcoin’s role as a potential hedge against inflation and global economic instability influenced his change of heart.
Current Actions: Trump has publicly supported Bitcoin’s potential, calling it “a great thing” for innovation and freedom. His administration has worked on crafting regulations aimed at balancing innovation and consumer protection in the cryptocurrency market. Additionally, Trump has shown interest in developing pro-Bitcoin policies, including tax incentives for Bitcoin-related businesses. He has also indicated support for Bitcoin miners and blockchain-based solutions as part of America’s economic strategy moving forward.
Trump’s positon on Bitcoin is so strong now that the industry is calling him “The First Bitcoin President”.
Conclusion
While many prominent investors have shifted their stance on Bitcoin in 2024, some remain skeptical. Here are three notable figures who continue to express reservations:
1. Warren Buffett
Chairman and CEO of Berkshire Hathaway, Warren Buffett has consistently criticized Bitcoin. He famously referred to it as “rat poison squared” and has maintained his skepticism, expressing concerns about its lack of intrinsic value and speculative nature. (Brookings)
NOTE: As of December 2024, Berkshire Hathaway does not hold Bitcoin directly in its investment portfolio. (Newsweek). However, Berkshire Hathaway has indirect exposure to the cryptocurrency market through its investments in certain companies:
- Nu Holdings: Berkshire Hathaway invested approximately $1 billion in Nu Holdings, a Brazilian fintech firm, in 2021. Nu Holdings offers cryptocurrency-related services, including a Bitcoin-to-USDC two-way swap feature introduced in 2024. (Newsweek)
- Bank of America: Berkshire holds a significant stake in Bank of America, which has shown interest in blockchain technology and digital currencies. While this does not equate to direct Bitcoin holdings, it indicates an indirect connection to the evolving financial technologies landscape.
It’s important to note that these indirect exposures do not signify a change in Warren Buffett’s personal stance on Bitcoin or cryptocurrencies. Berkshire Hathaway’s investment decisions are influenced by various factors, including the potential growth and profitability of companies like Nu Holdings, regardless of their involvement in the cryptocurrency space.
In summary, while Berkshire Hathaway does not hold Bitcoin directly, it has indirect exposure through its investments in companies engaged with cryptocurrency services.
2. Nouriel Roubini
Economist Nouriel Roubini, known for predicting the 2008 financial crisis, has been a vocal critic of cryptocurrencies. He has labeled Bitcoin as the “biggest bubble in human history” and continues to warn about its potential to collapse, citing issues like market manipulation and regulatory risks. (Brookings)
3. Paul Krugman
Nobel laureate economist Paul Krugman has expressed doubts about Bitcoin’s utility and sustainability. He has compared the cryptocurrency market to a bubble and questioned its long-term viability, highlighting concerns over its energy consumption and lack of clear use cases. (Brookings)
These perspectives highlight the ongoing debate surrounding Bitcoin’s role in the financial landscape, with some experts remaining unconvinced of its value and sustainability.
Nevertheless, the transformation of so many high-profile skeptics into Bitcoin proponents underscores the cryptocurrency’s growing legitimacy in the global financial system. Factors such as regulatory clarity, institutional adoption, and Bitcoin’s resilience as a store of value played pivotal roles in changing their perspectives.
Their endorsements not only validate Bitcoin’s place in mainstream finance but also inspire confidence among retail and institutional investors alike.
As Bitcoin continues to evolve, its acceptance by traditional financial heavyweights marks a turning point in the journey of cryptocurrencies.
Charles Bivona Jr aka “Coach JP Money”, is the founder of Coach JP Money. He is a seasoned expert in financial coaching and wealth-building. A multifaceted visionary, Charles is also a writer, global citizen, eco-activist, musician, artist, entertainer, entrepreneur, investor, life coach, and syndicated columnist.
Charles’ journey began with a solid education in accounting, finance, and business at the University of Nevada, Las Vegas, and California State University, Fullerton. At just 17, he made his first real estate investment with no money down, igniting a lifelong passion for financial independence. By 1998, he had achieved debt-free status and has been building wealth ever since.
As an entrepreneur, Charles owned and operated five national newspapers in the U.S. before transitioning to digital media. He founded and managed influential online platforms, including HireVeterans.com (2004–2020) and VT Foreign Policy (2004–2023).
A proud expat since the late 1990s, Charles resides in Baja, Mexico, with his wife whom he married in 1985. Together, they have three adult children and seven grandchildren. Their eco-conscious home, built with sustainable super-adobe techniques, is now a luxury retreat known as Hacienda Eco-Domes.
Under his music alias Johnny Punish, a name coined during his days fronting the underground punk band Twisted Nixon, he continues to inspire through his art and advocacy through his newest musical adventure; Punish Studios.
Today, as “Coach JP Money” Charles dedicates his life to helping others achieve financial mastery and personal success, sharing decades of experience and wisdom through his coaching, writing, and creative endeavors.
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