Bitcoin is a success story that has been almost unmatched in recent history. The cryptocurrency entered the market in 2009, approximately 13 years ago, but has seen tremendous growth within that relatively short period. Today, Bitcoin is a buzzword that you must have heard about already. There are also many apps and platforms for trading and investing in Bitcoin, like Immediate Edge.
The success of Bitcoin is apparent in the significant growth in its user base. Today, Bitcoin has over 106 million users across the world. Over 400,000 daily Bitcoin users and over 200 million Bitcoin wallets exist. Moreover, each day, over 270,000 Bitcoin transactions take place.
Before its success, Bitcoin experienced some solid criticisms and opposition. Specifically, some of the most prominent investors and billionaires criticised Bitcoin as a bad idea and even avoided it as a joke. However, like many original sceptics, these billionaires have changed their minds and are appreciating or embracing Bitcoin.
1. Mark Cuban
Marc Cuban is a billionaire who owns Dallas Mavericks and is among the Shark Tank stars. Cuban has grown to become one of the most significant crypto enthusiasts today. However, from the start, this does not represent his position on cryptocurrency, especially Bitcoin.
At some point, Cuban was unimpressed by the complexity of Bitcoin. He thought Bitcoin was too hard to understand and use while also considering it too easy to lose or hack. In essence, Cuban hated Bitcoin for its complexity in terms of use and high risk of losing. As a savvy investor, this should not come as a surprise to anyone.
Today, however, Cuban has invested a lot in Bitcoin. He has a diverse Bitcoin portfolio and remains enthusiastic about crypto.
2. Warren Buffet
Buffet is one of the most notable billionaires who initially expressed his unhappiness with Bitcoin. The Berkshire Hathaway billionaire was so pessimistic about Bitcoin that he even foresaw its bad ending at some point. He considered it as something inferior to tulip bulbs.
Despite his initial attacks on Bitcoin, even calling it “rat poison,” Buffet’s bank, Berkshire Hathaway, bought stock worth $1 billion in Nubank, a Brazilian-based digital bank specialising in crypto, including Bitcoin. Does this represent a turnaround for the billionaire?
3. Howard Marks
The co-founder of Oaktree Capital Management, Howard Marks, is yet another billionaire who clearly expressed his hatred for Bitcoin at first. The billionaire initially considered Bitcoin useless and valueless. Overall, he did not see any compelling reasons to suggest otherwise. And so, he kept off Bitcoin.
However, Marks has since changed his stance on Bitcoin. He now sees Bitcoin in the same way as gold. Moreover, he even considers Bitcoin to have some advantages over gold, such as the limited cost of transfer and storage.
4. Jamie Dimon
We cannot exhaust the list of billionaires that initially hated Bitcoin without mentioning the CEO of J.P. Morgan Chase, billionaire Jamie Dimon. In 2018, he remarked that Bitcoin was a fraud, which had profound negative implications on the Bitcoin market as prices dropped by a fifth.
While his position remains pretty firm against Bitcoin, he defends anyone’s right to engage in Bitcoin. His bank also supports clients in accessing crypto funds, including Bitcoin. Although he does not engage in Bitcoin personally, the fact that he recognises and appreciates cryptocurrency represents a shift in attitude.
5. Carl Icahn
Carl Icahn was very skeptical about Bitcoin and crypto at first. He thought that this was a ridiculous idea. He was even scared to try Bitcoin because of his concerns regarding its regulation and risks. However, a lack of proper understanding of crypto probably informed his initial negative sentiments.
Icahn’s seemed to change his view about Bitcoin later on. In 2021, he was contemplating investing $1.5 in crypto. Seemingly, he must have started believing in Bitcoin and the value it holds.
The story of these five billionaires and how they moved from hating Bitcoin shows the successful influence that the crypto has had.
—TechRound does not recommend or endorse any financial practices or investments. All article content is purely informational—
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