Markets
Top Celebrities Not Supporting the Crypto Market
The crypto market has been growing steadily over the years, and people from different countries, professions, and educational backgrounds have supported and become part of the industry. This industry was worth trillions, but still faces regulatory and issues of government and celebrity disapproval related to finances.
In this blog, we will discuss some of the popular celebrities and what they have to say about the crypto market.
Gary Gensler
Gary Gensler, chairman of the US SEC, is known for his extremely strict viewpoint towards the crypto industry. He is the individual behind the ongoing battle of Ripple vs. SEChe broke several crypto companies and much more.
In a recent interview, Gary revealed the reasons for his dissatisfaction with the crypto market. He explained concerns about market manipulation with cryptocurrencies. How cryptocurrency is decentralizedusers make inappropriate and unauthorized transactions, which leads to fraud.
Warren Buffett
Warren Buffett is the ninth richest man in the world. He is known for his open hatred for cryptocurrency. He called Bitcoin the “rat poison” and “no coin”.
On several occasions, Warren called cryptocurrency an unfeasible or worthless investment. Furthermore, in an interview with CNBC, he stated that the crypto market will come to an end soon.
In terms of cryptocurrencies in general, I can say with almost certainty that they will come to a bad end. If I could buy a five-year put option on each of the cryptocurrencies, I would be happy to do so, but I would never sell a penny worth
Paul Krugman
Paul Krugman is a well-known economist and noble price earner. He called cryptocurrency an external form financial risk and lacks a fundamental purpose. Furthermore, he questioned the purpose of cryptocurrency’s existence. He says,
What problem does this technology solve? What does this do that other technologies, much cheaper and easier to use, cannot do as well or better? I still haven’t heard a clear answer
He did not stop there and also questioned the future of the crypto market. At another event, he said: “Because Bitcoin and its relatives have failed to achieve any significant economic role, what happens to its value is irrelevant to those of us who don’t play the crypto game.”
Jamie Dimon
Jamie Dimon is the CEO and chairman of America’s largest bank, JPMorgan Chase & Co. He called Bitcoin “the demon of the financial world” and would like to exorcise it from the engaged ecosystem. Jamie never gave up on showing his true feelings about the crypto market. He says that,
Bitcoin does nothing. I call it my pet rock
Further saying that “Bitcoin has uses that are illegal, such as money laundering, fraud, tax evasion or payment for sex trafficking”.
Jamie’s dislike for cryptocurrency is such that he would pass by JP employees who stupidly invested in Bitcoin.
Final thoughts
Like any other investment option, cryptocurrency has its share of lovers and haters. There are world leaders like Elon Musk, favoring the crypto market over Warren Buffet with complete market disapproval. However, what is worth appreciating is the growth of the sector over the years. It remains to be seen what the crypto market will bring to the world next.