The young Russian programmer who invented Bitcoin rival Ethereum recently warned on Twitter that all crypto coins are essentially valueless.
Vitalik Buterin told investors to stick to ordinary stocks and bonds instead, and only to invest in crypto what they could afford to lose.
“Cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time,” Buterin wrote.
Strong words, and the price of Bitcoin has seen a tremendous amount of volatility over the past few months, nevertheless remaining solidly above $10,000 in recent trading.
Let’s take a look at all of the people who said that Bitcoin would tumble to zero or that it’s worth nothing.
As recently as last week, Ellen DeGeneres proclaimed that Bitcoin was either “worth $20,000 or zero,” comparing it to a picture of an adorable goat online because you want it, but you can’t touch it.
“You’ll either be a millionaire or you’ll be totally broke,” DeGeneres said.
If you want to know what bitcoin is, I learned about it. A bit. pic.twitter.com/txICiTXYgi
— Ellen DeGeneres (@TheEllenShow) February 15, 2018
The famed ‘Wolf Of Wall Street’ Jordan Belfort is another major hater of Bitcoin.
“It’s a bubble and I promise you, and you’re right it could go to $50,000, it could go to $100,000, but I’m certain at the end of the day it will end up close to zero, that’s the bottom line,” Belfort told Fox Business.
Belfort doesn’t see Bitcoin itself as a total scam, but he believes that it will never go mainstream either.
“People are essentially taking these basically worthless instruments and pumping them up with a story that it’s the next great thing.
“This is never going to be a mainstream currency, it’s not going to be, there’s too many problems with Bitcoin.”
Simply put, I think it’s safe to say Belfort won’t be buying his next Ferrari Testarossa with Bitcoin.
Jazzing it up
Another major name to come out against Bitcoin is JPMorgan CEO Jamie Dimon.
“If you’re stupid enough to buy it, you’ll pay the price for it one day,” Dimon recently told CNBC.
To compare, JPMorgan moves around $6 trillion in money around the world every single day.
On the other hand, Bitcoin’s trading value was around $3.7 billion in October of last year. That could be looked at as either a positive sign for Bitcoin’s potential for growth — or an illustration of how tiny Bitcoin is in the larger financial world.
“The only value of Bitcoin is what the other guy’ll pay for it. Honestly I think there’s a good chance a lot of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out,” says Dimon.
Along with these big names, there have been numerous stories from major financial news outlets, such as Forbes, saying that Bitcoin is headed for a downfall, especially after it’s 50% decline this year.
What do you think about Bitcoin and it’s future? Let us know!