These days there are thousands of new age crypto investors clogging up Twitter and Youtube with overly positive opinions on crypto. But what about some of those old timey, “traditional” finance investors like Warren Buffet? You might be surprised to know their opinions on Bitcoin and cryptocurrency.
We’ve compiled the thoughts of some of the most famous traditional finance investors and their opinions on Bitcoin and cryptocurrencies.
#1 Warren Buffet
Possibly the most famous investor of the modern era, Warren Buffet is a name that even the most casual investor probably knows. This business tycoon and CEO of Berkshire Hathaway has been padding his multi-billion dollar net worth for decades with big time investments in many large companies.
Without being too stereotypical, Warren being almost a century old may give you a hint on his opinion on cryptocurrency.
Mr. Buffet has gone on record many times speaking negatively of Bitcoin and cryptocurrency. In one such quote in 2020 he said, "Cryptocurrencies basically have no value and they don’t produce anything,” He further referenced "rat poison" when referring to Bitcoin.
He has also gone on record calling Bitcoin a gambling device and mentioning that (Bitcoin) has been connected with frauds and disappearances. Right, because we've never seen wide spread fraud and corruption in traditional finance... rolls eyes.
Although negative, it is important to to hear his opinion. Many crypto folks prefer to live in an echo chamber, believe that crypto is infallible. Our opinion is that he doesn't quite understand crypto and his negative opinions reflect that.
(Image courtesy of the CC BY 2.0 and Michael Reuter on Flickr)
#2 Mr. Wolf Of Wall Street Himself
Wait a minute that's not Leo DiCaprio!?
For many people, they first heard about Jordan Belfort thanks to the Martin Scorsese smash hit, The Wolf Of Wall Street, which starred Leonardo DiCaprio and Jonah Hill.
However, the movie was based on a true story and the real Jordan Belfort served his debt to society and currently makes his living as a motivational speaker and sales trainer.
Jordan gets asked a lot about his thoughts on cryptocurrency and we took to his Twitter for some answers. In the tweet featured above, Jordan outright calls bitcoin a scam....mentioning the video attached that he is wary of the fact that a "very large portion (of Bitcoin) is owned by a small number of accounts".
It's interesting to note that since he published those thoughts in 2018, Bitcoin was worth about seven thousand and now it is worth more than four times that amount. Price isn't everything, but many early investors in Bitcoin are faring much better than the penny stocks he was peddling.
Mr. Belfort has gone on to clarify that he is a supporter of blockchain technology, but does not believe that Bitcoin is an effective medium of exchange "until Governments/Banks get behind it." (Yikes)
#3 Peter Theil’s take on crypto and Bitcoin
Two of the most famous PayPal founders are probably Elon Musk and Peter Theil. Peter Theil has become one of the most well known venture capitalists and investors since leaving PayPal, in fact he was one of the first outside investors in Facebook.
Sporting a net worth of over 6 billion, Mr. Theil is one of the more forward thinking entries to our list and has had a lot to say (and do) in the crypto space.
As early as 2017, Theil and his company Founders Fund purchased 15-20 million worth of Bitcoin and he hasn't stopped there.
Recently, Theil has referred to himself as "pro-Bitcoin maximalist" which typically means that one believes Bitcoin to be the superior digital asset in the crypto space. However, that hasn't stopped Theil from getting involved in other cryptocurrencies. Mr. Theil is one of the principal investors in the Reserve currency (RSR), which hopes to build a stable coin that can battle inflation in countries suffering from currency inflation.
File Peter Theil in the "one to follow" column, as we are very interest in the crypto projects he touches.
#4 Carl Icahn and Bitcoin
Carl Icahn is one of the most famous corproate raiders in American history, with various major hostile takeovers including TWA airlines.
In the tweet above, Icahn is the butt of a joke involving his questionable investment in Hertz rental car. As much as we'd like to pile onto Mr. Icahn, he was pretty honest in his critisism of Bitcoin. He has gone on record saying that bitcoin and other cryptos are "ridiculous", however he followed up by saying that "maybe I don't understand them" and that maybe he was too old for them (cryptos).
We give Mr. Icahn credit for disclosing that he doesn't understand them and poking fun at his own age in relation to the technology.
I think you can see the general sentiment of "old money" when it comes to cryptocurrency and that's fine, they are entitled to their own opinion. One day, us pioneers of this space will be the old fogies, sitting on our yachts with names like "Ether" and "Satoshi"... waving our fists at futuristic investments we don't understand.