What Jamie Dimon, Elon Musk, Warren Buffett, Mark Zuckerberg, and other business leaders say about Bitcoin

Cryptocurrency is gaining mainstream acceptance with each passing day. The endorsement it received from President-elect Donald Trump during the 2024 election campaign has further cemented its legitimacy within the financial industry and among the public.

Yet global business leaders remain divided on the topic. While some are enthusiastic supporters, others call it fraudulent. Meanwhile, some believe that “Blockchain is good, but Bitcoin is bad,” yet the companies they lead heavily invest in crypto-related projects.

Let’s explore how these business leaders think about the world of crypto.

Elon Musk’s endorsement of Bitcoin and other cryptocurrencies has significantly propelled the crypto industry forward. The Tesla (TSLA) CEO finds cryptocurrencies interesting and valuable, referring to himself as the ‘Dogefather,’ or the father of Dogecoin. His influence became particularly evident after the Gamestop saga in 2021, which contributed to a surge in the price of Dogecoin. 

There are rumors that Musk’s social media platform X may start accepting cryptocurrency as a payment method, potentially Dogecoin. He has incorporated Dogecoin into his electric vehicle and space mission. At Tesla, Dogecoin can be used to purchase select merchandise, like a Cyberquad for Kids, a Giga Texas Belt Buckle, and a Cyberwhistle. Moreover, SpaceX’s DOGE-1 lunar mission was sponsored by the cryptocurrency, and accepted payment for the rescheduling of the mission.

JPMorgan Chase (JPM) CEO Jamie Dimon has been one of Bitcoin’s most vocal critics, labeling it a “fraud,” a “Ponzi scheme,” and even “worse than tulip bulbs,” referencing the infamous Dutch tulip mania of the mid-1600s.

Dimon argues that Bitcoin does nothing, has failed as a currency, and once stated that if he were in charge of the government, he would shut it down entirely.

Despite Dimon’s outspoken disapproval, JPMorgan Chase has made notable investments in the cryptocurrency exchange-traded funds (ETFs) space. Last year, the banking giant disclosed to the SEC that it held $42,000 worth of shares in the Grayscale Bitcoin Trust (GBTC). It also mentioned liquidating BlackRock’s (BLK) iShares Bitcoin Trust ETF.

Moreover, JPMorgan has actively explored blockchain technology, even launching its own dollar-backed digital currency, JPM Coin, designed to facilitate payments between clients.

In a nutshell, while Dimon continues to criticize Bitcoin, the company he leads remains deeply engaged in experimenting with cryptocurrency and blockchain technology.

Philanthropist and legendary investor Warren Buffett is a known critic of cryptocurrency, dismissing it as unproductive. According to Buffett, Bitcoin’s value relies solely on finding someone willing to pay more.

At the 2022 Berkshire Hathaway shareholders meeting, he famously referred to cryptocurrency as “rat poison,” stating: “If you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”

Despite Buffett’s aversion to crypto, his company, Berkshire Hathaway Inc. (BRK.A), indirectly profits from it through its investment in fintech Nu Holdings Ltd. Nu Holdings, a fast-growing fintech company, has significant exposure to the cryptocurrency world.

Meta (META) co-founder and CEO Mark Zuckerberg is ambitious about experimenting with cryptocurrency. His company once ventured into cryptocurrency development with a project called Diem, initially known as Libra. However, mounting regulatory pressures forced the premature shutdown of the initiative. The Diem Association, responsible for overseeing the development of the digital currency, ultimately abandoned the project in response to increasing scrutiny from authorities.

In addition to Diem, Meta launched a digital wallet called Novi in collaboration with cryptocurrency exchange Coinbase (COIN). Initially released in beta, Novi was intended to expand further but was shut down in 2022 due to persistent regulatory challenges.

Sundar Pichai, the CEO of Google and Alphabet (GOOGL), has remained relatively quiet about cryptocurrency and Bitcoin. However, he has expressed interest in related areas such as blockchain and Web3, noting that he is closely monitoring developments in the space.

While Pichai has stated that he doesn’t personally own any cryptocurrency, he once revealed that his son is involved in cryptocurrency mining.

Jack Ma, the billionaire founder of e-commerce giant Alibaba (BABA), shares a love-and-hate relationship with Bitcoin. While he acknowledges the transformative potential of blockchain technology, he has criticized Bitcoin, describing it as a bubble poised to burst.

In 2018, Alibaba introduced a blockchain-based payment service, and in 2019, the company launched a cryptocurrency mining platform called “P2P Nodes.” However, when it comes to Bitcoin and other cryptocurrencies, Ma remains cautious and hesitant.