Bitcoin, since its inception, has always been met with harsh criticism and skepticism. According to 99Bitcoins, a website that tracks bitcoin obituaries, has counted up to 477 posts and articles about how Bitcoin has died or will die. From the earliest post coming from 2010 to the latest in April 2024, critics are relentless in providing their commentary on bitcoin and cryptocurrency.

Despite the backlash, the entire cryptocurrency market and bitcoin has consistently shown resilience and defied odds by being the best performing asset in the last decade. However, there are critics that never seem to accept cryptocurrency as a legitimate asset. Critics that are both wealthy and renowned leaders in the field of finance, what would the outcome be if they were initially pro-bitcoin since they’ve discovered it? Here are three anti-bitcoiners who would’ve been even richer if they didn’t hate bitcoin.

Peter Schiff

Peter Schiff is an American financial expert and stock broker that has notable achievements such as predicting the 2008 financial crisis. Peter Schiff has been open in his criticism against bitcoin, being a made-up asset that is overpriced with no utility (according to him). He discovered bitcoin in 2010 and has since been against the concept of cryptocurrency.

In a news interview from 2013, Peter Schiff openly criticized bitcoin for being a “bubble that will burst” similar to the tulip mania bubble. During the time, Bitcoin was priced at $13.50. If Peter Schiff spent $135 to buy 10 bitcoin at the time, he would have an unrealized profit of $640,000 today. People speculate on Peter Schiff’s criticism of bitcoin to be attributed by his company, Schiff Gold (formerly Euro Pacific Precious Metals), that sells gold and other precious metals.

Dan Peña

Dan Peña is an American businessman that has been dubbed as the “trillion dollar man”.  He started his career in the financial markets as a financial analyst on Wall Street. He went on to become president of Great Western Resources Incorporated, a Houston-based oil company listed on the London Stock Exchange in 1984. In an interview in December 2019, Dan Peña exclaimed that bitcoin will go to zero in a “microsecond” as he claims to know the founder’s identity.

His reasoning and claims behind bitcoin’s demise is due to its lack of intrinsic value, criminal use, and its lack of regulation. In December 2019, the price of bitcoin was ranging between $7,000 and $7,600. If Dan Peña bought 10 bitcoins at an average price of $7,300 each, he would have an unrealized profit of $537,000 today.

Jamie Dimon

Jamie Dimon has been the CEO of JPMorgan Chase since 2006. Since bitcoin’s inception, Jamie has always been negative in his opinions about bitcoin. As the CEO of a traditional bank giant, cryptocurrency poses a threat that has inevitably disrupted the financial markets. He has consistently shared his criticism of bitcoin on national television, dismissing it as a fraud. He once openly threatened employees of JPMorgan Chase to be fired if any of his employees traded bitcoin.

In an article made in January 2018, Jamie Dimon said “If you're stupid enough to buy it (bitcoin), you'll pay the price for it one day”. In January 2018, the price of bitcoin closed at $10,200. If Jamie Dimon bought 10 bitcoins at an average price of $10,200 each, he would have an unrealized profit of $538,000 today.

However, there is some speculation about Jamie Dimon’s open criticism of Bitcoin. Recently, JPMorgan Chase is an authorized participant of the Bitcoin Spot ETF, partnering with Blackrock. Despite this, Jamie Dimon continues to criticize Bitcoin despite his company being involved in it. This would contradict his previous statement and could be a theory on Jamie’s attempt in market manipulation.

There are countless more anti-bitcoiners that refuse to accept bitcoin as a legitimate asset. Its volatility gives it the impression that it is a bubble that is about to burst at any time. Critics continue to claim the death of bitcoin during new lows or show concern during new highs as it reaches critical mass, ready to burst like a bubble. However, for critics who criticize bitcoin during the bear market, they would’ve been richer if they simply bought bitcoin and accept its position as a legitimate asset that has outperformed all other assets in the past decade.

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