Bitcoin has reached a historic milestone, surpassing $100,000 after a 15-year journey marked by dramatic rallies and sharp downturns. Now valued as a $2 trillion asset, the world’s largest cryptocurrency has ignited fresh debates among financial heavyweights, even as some Wall Street titans remain unconvinced of its legitimacy.
The cryptocurrency market’s resurgence has been fueled by optimism surrounding a potential digital-asset boom under Donald Trump’s second presidential term. Bitcoin’s rally has spurred other cryptocurrencies, driving the total market capitalization of digital assets to nearly $4 trillion.
As crypto markets soar, major Wall Street players find themselves split between embracing opportunities in the sector or rejecting it as a speculative bubble. Here’s how the views of some of the world’s most influential investors have evolved over time.
Jamie Dimon
JPMorgan Chase CEO Jamie Dimon has long been one of Bitcoin’s harshest critics. In 2017, he famously labeled the cryptocurrency a “fraud” and warned he would fire any employee trading it on the bank’s behalf. Dimon later described crypto tokens as “decentralized Ponzi schemes” and advocated for stricter government action against them.
More recently, Dimon dismissed Bitcoin as a useless “pet rock.” Despite his personal skepticism, JPMorgan has embraced blockchain technology and facilitated trading in some Bitcoin exchange-traded funds (ETFs).
Larry Fink
BlackRock CEO Larry Fink once derided Bitcoin as an “index of money laundering” and dismissed cryptocurrencies as irrelevant to his clients. Today, his perspective has shifted dramatically.
Fink now regards Bitcoin as a legitimate asset that offers uncorrelated returns and a hedge against both currency debasement and political instability. BlackRock, under his leadership, manages the world’s largest Bitcoin fund.
Ken Griffin
Ken Griffin, CEO of hedge fund giant Citadel, has historically likened Bitcoin to the infamous 17th-century tulip-bulb mania. In 2021, during a period of soaring crypto prices, Griffin took a sharp jab at Bitcoin enthusiasts, saying, “Let’s face it, it’s a jihadist call that we don’t believe in the dollar.”
Recently, Griffin admitted his previous stance was “a mistake,” though he continues to question Bitcoin’s economic utility. At the New York Times DealBook summit, he quipped, “Of course, I wish I bought something that trades at 100 times the price it traded at a few years ago.”
Warren Buffett
Warren Buffett, the chairman and CEO of Berkshire Hathaway, has consistently denounced Bitcoin. During Berkshire’s 2018 annual meeting, he famously called it “rat poison squared” and said he wouldn’t buy all the Bitcoin in the world for $25.
Buffett reiterated his disdain for Bitcoin in an April 2023 CNBC interview, attributing the cryptocurrency’s longevity to Americans’ “gambling instincts.”
Ray Dalio
Bridgewater Associates founder Ray Dalio has softened his position on Bitcoin over the years. Initially dismissing it as “a speculative bubble,” Dalio now describes Bitcoin as “one hell of an invention” and a viable “gold-like alternative asset.”
While Dalio owns Bitcoin and Ethereum, he remains wary of government intervention. In a 2021 essay, he warned that Bitcoin’s success could prompt governments to crack down on the cryptocurrency.
“Bitcoin’s biggest risk is being successful,” he wrote. “If it’s successful, the government will try to kill it.”
Dalio recently advised investors to diversify their portfolios with gold and Bitcoin, citing concerns over rising global debt.
As Bitcoin’s value continues to soar, its journey from skepticism to grudging acceptance highlights the evolving dynamics of the financial world. The cryptocurrency remains both a beacon of innovation and a lightning rod for debate.
Bitcoin’s surge past $100,000 tests the convictions of Wall Street giants, with figures like Jamie Dimon, Larry Fink, and Warren Buffett weighing in on the cryptocurrency’s rise.
