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Rakesh Jhunjhunwala, Warren Buffett and other billionaires who have no faith in cryptocurrencies

Rakesh Jhunjhunwala, Warren Buffett and other billionaires who have no faith in cryptocurrencies

Rakesh Jhunjhunwala, Warren Buffett and other billionaires who have no faith in cryptocurrencies
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By CNBCTV18.com Jun 16, 2022 2:58:10 PM IST (Updated)

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SUMMARY

While billionaires like Elon Musk and Jack Dorsey have been advocates of cryptocurrencies, several others have been skeptical and some even hate them. Take a look at those who have dissed cryptocurrencies

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The most-valued cryptocurrency, Bitcoin, has fallen by over 50 percent since November 2021, when it hit an all-time high of $68,000. Other cryptocurrencies have witnessed a similar fate and have been on a downtrend. However, there are multiple celebrities who continue to invest in cryptocurrencies despite the decline the digital asset has faced. Not to forget that the likes of Kim Kardashian, Floyd Mayweather and former NBA star Paul Pierce have been sued for "using their fame to pump a little-known cryptocurrency called EthereumMax". A recently released advertisement by crypto.com, featuring Hollywood actor Matt Damon, was widely criticised. Nonetheless, let's take a look at celebrities who continue to remain fans and invest in cryptocurrencies. (Image: Shutterstock)

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Bill Gates | The Microsoft co-founder recently dismissed cryptocurrencies and said that projects like nonfungible tokens (NFTs) are "based on the greater-fool theory" at a TechCrunch event in Berkeley. The theory suggests the idea that overvalued assets will rise as there are people willing to pay more for them. Earlier in an "Ask Me Anything" exchange on Reddit, Gates revealed he had not invested in cryptocurrencies. He said he liked investing in things that have "valuable output", arguing that digital assets are not made for him. (Image: Reuters)

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Rakesh Jhunjhunwala | The billionaire Indian investor has been a passionate critic of cryptocurrencies such as Bitcoin and he has even said that he won't buy a Bitcoin even for $5 in an interview with CNBC. Ahead of Budget 2022, Jhunjhunwala said that the country's regulators should ban cryptocurrencies. In an interview later, Jhunjhunwala predicted that the crypto market will collapse one day. (Image: Reuters)

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Warren Buffett | The Oracle of Omaha has made similar comments in the past, when he said that cryptocurrencies are not productive asset and he wouldn't buy the whole of Bitcoin even for $25. Speaking at a Berkshire Hathaway annual shareholder meeting, he claimed that cryptos don't produce anything tangible. According to a CNBC report, Buffett had previously called crypto "rat poison squared". (Image: Reuters)

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Sam Zell | The billionaire founder and chairman of Equity Group Investments, Sam Zell has stayed away from cryptos. He explained that the reason he does not invest in cryptos like Bitcoin, is because he does not understand their security, and he thinks Bitcoin is still overpriced even though it has lost more than half of its value since its peak. He said that any kind of a currency without the backing of a government is unlikely to work. (Image: Reuters)

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Jamie Dimon | Jamie Dimon, CEO of JPMorgan Chase, has made his contempt for cryptocurrency clear in the past. He called cryptocurrencies worthless during its boom in 2021 and now he has stopped calling them currencies. According to Dimon, currencies have rules and laws behind them with the backing of central banks, and since cryptos don't have that, he calls them tokens and not currency. However, Dimon recently said that he does see value in the blockchain technology and decentralised finance in his annual shareholder letter. (Image: Reuters)

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Charlie Munger | The billionaire investor is another vocal critic of cryptocurrencies. He has called Bitcoin "stupid and evil" and something that makes him look bad. He explained that it is stupid because it's likely to go to zero, it's evil because it undermines the Federal Reserve System and it makes him look foolish compared to the Communist leader in China as he has banned Bitcoin already. (Image: Reuters)

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