RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

The crypto black list

The crypto black list

Everybody loves to have an opinion about cryptocurrency and the blockchain. Unfortunately, a lot of those opinions are negative and uninformed, and some are based in fearmongering.

Everybody loves to have an opinion about cryptocurrency and the blockchain. Unfortunately, a lot of those opinions are negative and uninformed, and some are based in fearmongering. Here is a collection of some of the people who have spoken out against cryptocurrency, and what they’ve said. Consider it a black list of experts and journalists, if you will.

 

Author Quote Source
Paul Krugman “So let’s talk both about whether BitCoin is a bubble and whether it’s a good thing — in part to make sure that we don’t confuse these questions with each other.” Bitcoin is Evil (2013)
Prince Al-Waleed bin Talal “I just don’t believe in this bitcoin thing. I think it’s just going to implode one day. It’s Enron in the making.” Saudi Prince Al-Waleed: Bitcoin Is ‘Going to Implode’ (2017)
Leo Garnier “The rise of cryptocurrencies is a godsend for criminals.” The bad sides of cryptocurrencies (2017)
Brown Brothers Harriman “These are not currencies in any meaningful sense. To the extent that some retailers accept them is a bit of a novelty and marketing fluke.” The Case Against Bitcoin and Crypto-Currency (2017)
Jay Adkisson “What merchant wants to accept much of a currency that is like a Venezuelan bolivar that can go down in minutes?” The Cryptocurrency Paradox And Why Crypto Is Failing (2018)
Kai Stinchcombe “In fact, I would assert that there is no single person in existence who had a problem they wanted to solve, discovered that an available blockchain solution was the best way to solve it, and therefore became a blockchain enthusiast.” Blockchain is not only crappy technology but a bad vision for the future (2018)
Jason Bloomberg “We must make all cryptocurrency as we know it today illegal.” We Need To Shut Bitcoin And All Other Cryptocurrencies Down. Here’s Why. (2018)
Tim Chen “With all the fraud and uncertainty surrounding cryptocurrencies, investors are flying practically blind.” Don’t buy the hype: Why cryptocurrency is still a terrible investment (2018)
Erin Griffith “Silk Road and AlphaBay may be gone, but that hasn’t stopped fraudsters, gamblers, sex workers, and drug dealers from cashing in.” The Dark Side of the Crypto Revolution (2018)
Warren Buffett “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.” Warren Buffett says bitcoin is ‘probably rat poison squared’ (2018)
Charlie Munger “Suppose you could make a lot of money trading freshly harvested baby brains. Would you do it? To me, bitcoin is almost as bad.” Why The Old Guard Hates Bitcoin (2018)
Bill Gates “Right now, crypto-currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.” Bill Gates says crypto-currencies cause deaths (2018)
Sean Williams “At the end of the day, investing in cryptocurrencies simply may not be worth the headaches they bring to the table.” 9 Reasons Investing in Cryptocurrencies Is a Bad Idea (2018)
Mr. Money Mustache “No, you should not invest in Bitcoin. The reason is that it’s not an investment. Just like gold, tulip bulbs, Beanie Babies, 1999 dotcoms without any hope of a product plan, “pre-construction pricing” Toronto condominiums you have no intent to occupy or rent out, and rare baseball cards are not investments.” Why Bitcoin is Stupid (2018)
Ajaypal Singh Banga “I think cryptocurrency is junk….The idea of an anonymized  currency produced by people who have to mine it, the value of which can fluctuate widely — that to me is not the way that any medium of exchange deserves to be considered as a medium of exchange.” Is Cryptocurrency “Junk”? (2018)
Carl Icahn “I don’t like the cryptocurrencies only because, maybe I don’t understand them. […] How do you regulate them?” Carl Icahn: Bitcoin and other cryptocurrencies are ‘ridiculous’ — ‘I wouldn’t touch that stuff’ (2018)
Tanja Hester “We don’t buy Bitcoin or any cryptocurrency. And, frankly, if you give a damn about your own financial security, we don’t think you should either.” Why We Don’t Buy Bitcoin or Any Cryptocurrency — And You Shouldn’t Either (2018)
GlobalData Financial Services “In a purely cryptocurrency world, people would have no channels to influence their country’s money supply, which would undermine democracy.” The downsides of cryptocurrencies (2018)
Steven Mnuchin “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.” Bitcoin And Crypto Suddenly Branded A ‘National Security Issue’ (2019)
Warren Buffett (again) “Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.” BILLIONAIRE WARREN BUFFETT REMAINS CLUELESS ABOUT BITCOIN, CALLS IT ‘DELUSIONAL’ (2019)
Donald Trump “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Twitter (2019)
Joseph Stiglitz “I actually think we should shut down the cryptocurrencies.” Nobel Prize Economist Joseph Stiglitz: ‘I Actually Think We Should Shut Down Crypto’ (2019)
Mark Wiedman “I don’t quite get the point of a bitcoin ETF. If bitcoin is ever successful, I wouldn’t recommend it. But if it were [successful], why would you need an ETF to access it?” BLACKROCK’S ANTI-BITCOIN CEO LARRY FINK’S HEIR IS CRYPTO CRITIC MARK WIEDMAN (2019)
Erik Finman “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last.” Bitcoin is pretty much dead, says teenage crypto phenom (2018)
Pablo Hernández de Cos “[Crypto] cannot replace money and is not a means of payment or common exchange.” Bank of Spain Warns Citizens Against Crypto, Given Lack of Local Regulations (2019)
Nicholas Weaver “My advice to anyone who says you should invest in cryptocurrencies [is] you should just kick them.” The Best Thing to Do With Crypto? “Burn It With Fire,” Says This Super Skeptic (2019)
Warren Buffett (yes, him again) “There’s been a lot of fraud connected with [Bitcoin]; there have been disappearances. So there has been a lot lost on it. The bitcoins haven’t produced anything.” Crypto Twitter Reacts to Buffett’s Recent Criticism of Bitcoin (2019)
Nouriel Roubini “Most Bitcoin/shitcoin investors are retail suckers who are clueless/financially illiterate.” BITCOIN BULLS AND BEARS

WHO’S HOT, WHO’S NOT ON CRYPTO (Article 2019, quote 2018)

Bill Harris “Bitcoin is a scam. […] In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.” Bitcoin is the greatest scam in history (2018)
Charlie Munger (again) “It’s just disgusting. Bitcoin is noxious poison.” BITCOIN BULLS AND BEARS

WHO’S HOT, WHO’S NOT ON CRYPTO (Article 2019, quote 2018)

Kevin O’ Leary “And where’s the long-term value? Just this idea that they’re going to cut the number of units in half. […] Such a scam. Like that’s just totally BS.” “Bitcoin is here to stay” – Kevin O’Leary 2013 (2013 and 2019)
Anurag Agarwal “Cryptocurrency is a Ponzi scheme and it should be banned. This is the view of the IEPF (Investor Education and Protection Fund) authority and we want the government to take a stand on it. By not taking a decision, we are harming investors.” Anurag Agarwal: Crypto Should Be Banned (2019)
Peter Mallouk “What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse.” Don’t buy bitcoin, warns wealth manager: We’re likely ‘going to see cryptocurrencies collapse’ (2019)
Paul R. Brody “Widespread adoption of bitcoin could be very damaging to the global economy.” EY Executive Says Bitcoin Has No Practical Use in India (2019)
Ehud Barak “Blockchain itself is a mathematical technological concept and an interesting and important methodology. […] Cryptocurrencies — bitcoin and all the others — that’s a Ponzi scheme.” BITCOIN IS A PONZI SCHEME, SAYS FORMER ISRAEL PRIME MINISTER EHUD BARAK (2018)
Jamie Dimon “If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars.” Bitcoin is a fraud that will blow up, says JP Morgan boss (2017)
Ardo Hansson “I think we will come back a few years from now and say how could we ever have gotten into this situation where we believed this kind of a fairy-tale story.” European Central Bank Policy Maker Calls Crypto ‘a Fairy-Tale Story’ (2019)
Benoit Coeure “Few remember that Satoshi [Nakamoto, the inventor of Bitcoin] embedded the genesis block with a Times headline from January 2009 about U.K. banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis.” European Central Bank Exec Calls Bitcoin the ‘Evil Spawn of the Financial Crisis’ (2018)
Huw van Steenis “I’m not so worried about crytocurrencies. […] They fail the basic tests of financial services.” CRYPTO IS WORTHLESS, FAILS BASIC FINANCIAL TESTS: BANK OF ENGLAND ADVISER (2019)
Jeff Schumaker “I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything.” ‘Bitcoin will go to zero’: Davos talks up the future of blockchain tech (2019)
Uri Levine “The only use of that [blockchain technology] today is really bitcoin. Bitcoin is the coin of crime, and I don’t want to support that.” Bitcoin Is the ‘Coin of Crime,’ Says Waze Co-Founder Uri Levine (2019)

Do you know someone who should be on this list? Let us know! Submit your suggestions here. We’ll be updating this post regularly with new quotes.

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