Bitcoin like any other currency has its critics and supporters. While more people are joining the Bitcoin bandwagon, more critics are also springing up. Unfortunately, some of the haters of Bitcoin are authorities in their separate fields.
As mentioned above, Bitcoin has both proponents and haters but this article outlines only some of its critics and their backgrounds. It also includes why they donâ€™t support the currency. However, it is necessary to point out that even though this article focuses on only Bitcoin, virtually all the critics dislike the entire cryptocurrencies and not only Bitcoin. So, without further ado, here are some of the most famous Bitcoin haters.
This is by far the most famous hater of Bitcoin. He is one of the richest people in the world so his advice holds some water as regards Bitcoin. However, you may want to consider the fact that he became a millionaire through stock and Forex trading. Since cryptocurrencies have become a major threat to Forex with their higher ROI, one should understand why the Oracle of Omaha hates Bitcoin so much.
By virtue of his success in the finance sector, he is seen as the voice of reason. Unfortunately, he sees cryptocurrencies as a bubble that will eventually burst since there is no real value behind it.
Paul Krugman is an American economist who became famous for winning the Nobel Prize in 2008. In his opinion, the creation of the virtual currencies requires a lot of resources that cannot be sustained. As far as he is concerned, if Bitcoin had real value, it wonâ€™t require so much promotion efforts.
This is another famous economist that hates Bitcoin so much. He has been criticizing the currency since 2013 and has not stopped till now. According to him, the currency has no intrinsic value. Every time a fraudulent ICO is detected, Mr. Roubini would blow it out of proportion. He believes that the entire concept is based on a grand deception.
The former richest man in the world was once a proponent of the coin back in 2014 but his 2018 change in tune took the world by storm. He believes that the anonymity behind cryptocurrencies encourage and promote money laundering. Well, there seems to be a point in his criticism. Every financial institution all over the world now complies with the Know your Customer (KYC) policy while Bitcoin transactions are still shrouded in secrecy.
This guy is the vice chairman of Berkshire Hathaway, Warren Buffetâ€™s conglomerate. You may say birds of a feather flock together. Considering his relationship with Warren Buffet, his hatred for virtual currencies should not surprise you. In one of Berkshire Hathawayâ€™s annual general meetings, Mr. Munger described Bitcoin as rat poison and Buffet, his boss, partner, and mentor affirmed the statement. As you would expect, the quote was all over the internet.
These are just 5 of the haters of Bitcoin, there are many more. Conversely, there are many promoters, proponents, and supporters of the virtual currency too. Although Bitcoin has its challenges, so does every other currency. No system is perfect. So, it is left for you to weigh the challenges against the benefits. Most importantly, donâ€™t put all your eggs in cryptocurrencies.