Berkshire Hathaway CEO Warren Buffett and JP Morgan Chase CEO Jamie Dimon attended a joint interview with CNBC in a show titled “Squawk Box” on Thursday. The two remain the harshest critics of Bitcoin and other cryptocurrencies on the Wall Street. They still maintain that Bitcoin is a fraud and one must “beware” of crypto coins.
Who Hates Bitcoin More?
The two heavyweights have left a trail of anti-Bitcoin statements behind ’till date. They were asked “which one of you hates Bitcoin more?” to which Buffett jokingly replied:
“I set a high standard. I don’t know whether Jamie can top me or not.”
Dimon responded quickly, saying:
“I don’t want to be a Bitcoin spokesman. Just beware.”
Their comments become even more critical at a time when cryptocurrencies are going through a rough time. After increasing by over 1,300 percent last year and touching $19,000, a Bitcoin currently fetches less than $8,000.
Deafening Silence and Apprehensions
It is a well-known fact now that the top bankers and investors in the world don’t have a soft spot for cryptocurrencies like Bitcoin. They have kept, underwhelmingly, mum on these currencies. The people, who have spoken on the issue, haven’t supported them.
Dimon called Bitcoin a “fraud” last fall. He tracked back on those comments, suggesting that he regrets saying that. In January, he softened his stance on the blockchain and said that the technology is “real.” At the time, several people believed that he had changed his views on cryptos as well. However, it doesn’t seem likely now.
Billionaire investor Buffett is the loudest and most influential voice speaking against the use of digital currencies. In 2014, when the industry was just growing out of its shell and becoming popular among ordinary people, he called it a “mirage.”
Speaking at the annual shareholders meeting of Berkshire Hathaway, he explained his stance on the coins further and said that it is “probably rat poison squared.” In an interview, he noted:
“[Bitcoin] itself is creating nothing. When you’re buying non productive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”