Despite being wrong in his prediction, Schiff has continued to slam Bitcoin, expressing concerns about the United States government\u2019s possible move to create a strategic Bitcoin reserve.<\/p>\n
\u201cIronically, Bitcoin may end up destroying the dollar after all […] because the US government embraces Bitcoin, prints trillions of dollars to buy it, and fuels a larger bubble that squanders the nation\u2019s wealth,\u201d Schiff wrote on X on the day BTC hit $100,000 for the first time.<\/p>\n
In a subsequent X post on Dec. 8, Schiff referred to Bitcoin as a \u201cnational security threat\u201d and a \u201cpublic enemy number one\u201d due to the US potentially using the public\u2019s money to buy BTC.<\/p>\n
Paul Krugman: \u201cCrypto is for criming\u201d<\/h2>\n
Paul Krugman is an American economist and journalist who won the 2008 Nobel Prize for Economics for his work in economic geography and global trade patterns.<\/p>\n
As a long-standing Bitcoin critic, Krugman has often been ridiculed in the crypto community for his unfortunate prediction in 1998 that the internet\u2019s impact would never grow bigger than that of the fax machine.<\/p>\n
Just like Schiff, Krugman has been criticizing Bitcoin since the cryptocurrency\u2019s early years.<\/p>\n
In 2013, Krugman wrote an article titled \u201cBitcoin is evil\u201d for The New York Times, where he said he was \u201cdeeply unconvinced\u201d about Bitcoin due to it missing basic features of money.<\/p>\n
\u201cCrypto is to a large extent a Ponzi scheme, this may just happen to be the moment when the scheme has run out of new suckers,\u201d Krugman said in another article in 2022.<\/p>\n Bitcoin\u2019s historic rise to $100,000 caught Krugman just as he retired from The New York Times on Dec. 6, but his crypto criticism did not stop there.<\/p>\n On Dec. 16, Krugman published a blog post titled \u201cCrypto is for criming,\u201d reiterating one of the most favorite narratives by Bitcoin naysayers.<\/p>\n He argued that while cash banknotes are an \u201cawkward medium for really large-scale criminal activity,\u201d cryptocurrencies like BTC are a better tool for illegal transactions.<\/p>\n \u201cMaybe crypto isn\u2019t digital gold, but digital Benjamins \u2014 the $100 bills that play a huge role in illegal activity around the world,\u201d Krugman wrote.<\/p>\n The European Central Bank (ECB), creator of the European Union\u2019s central bank digital currency (CBDC) project \u2014 the digital euro \u2014 apparently wasn\u2019t among the happiest about Bitcoin\u2019s success in 2024.<\/p>\n In October, the ECB\u2019s payments director, Ulrich Bindseil, and ECB adviser, J\u00fcrgen Schaaf, penned a study warning on the \u201cdistributional consequences of Bitcoin.\u201d<\/p>\n In the paper, the academics called on non-holders of BTC to advocate for legislation against Bitcoin. They argued that early and existing Bitcoin holders \u201cexploit\u201d newer buyers by selling BTC at a higher price.<\/p>\n ECB\u2019s Bindseil and Schaaf didn\u2019t miss the opportunity to criticize Bitcoin when the first spot Bitcoin exchange-traded funds (ETF) started trading in the US in early 2024. They stated:<\/p>\n \u201cBitcoin has failed on the promise to be a global decentralized digital currency. Instead, it is used for illicit transactions. The latest approval of an ETF doesn\u2019t change the fact that Bitcoin is not suitable as a means of payment or as an investment.\u201d<\/p><\/blockquote>\n In November 2022, Bindseil and Schaaf wrote a \u201cBitcoin\u2019s last stand\u201d article for the ECB blog in which they argued that Bitcoin is \u201crarely used for legal transactions.\u201d<\/p>\n While bashing BTC, Bindseil and Schaaf have been regularly praising a potential European CBDC.<\/p>\n In 2020, Bindseil described CBDCs like the ECB\u2019s not-yet-launched digital euro as the \u201csafest means of payment,\u201d stating:<\/p>\n \u201cThis [digital euro] should be game-changing as this implies that the ECB would be directly governing monetary payments […] The credibility of the payment system then depends on trust in the ECB and no longer in banks or the financial system.”<\/p><\/blockquote>\n Jamie Dimon, CEO of the largest US bank, JPMorgan Chase, apparently remains one of the biggest Bitcoin skeptics in 2024 despite JPMorgan being actively involved in spot Bitcoin ETFs.<\/p>\n A long-time Bitcoin critic, Dimon declared he was done talking about Bitcoin in early 2024, arguing that he doesn\u2019t care about the cryptocurrency even after spot BTC ETFs made a historical trading debut on Jan. 11.<\/p>\n \u201cThis is the last time I\u2019m talking about this with CNBC, so help me God,\u201d Dimon said, referring to Bitcoin as a \u201cpet rock.\u201d<\/p>\n It is unclear whether Dimon has changed his stance on Bitcoin amid the cryptocurrency surging to new highs following Donald Trump\u2019s election win.<\/p>\n In July, Trump \u2014 sometimes called America\u2019s first \u201cBitcoin president\u201d \u2014 reportedly disclosed that the JPMorgan CEO \u201cchanged his tune\u201d about Bitcoin. Still, since January, Dimon has remained true to his pledge not to talk publicly about cryptocurrency.<\/p>\n In November, Reuters reported that Dimon had no plans to join Trump\u2019s administration despite questions on whether he would take a senior government role after the election.<\/p>\n Rafi Farber, publisher of the gold-focused marketplace service End Game Investor, is probably one of the youngest Bitcoin critics.<\/p>\n Farber\u2019s skeptical take on Bitcoin comes from a perspective that money cannot be printed forever without a currency collapse and that BTC contributes to more money printing as its price goes higher.<\/p>\n Related: <\/strong><\/em>Bitcoin to gold ratio posts new record as BTC sets new high<\/strong><\/em><\/p>\n The financial journalist publicly admitted that he wasn\u2019t happy about Bitcoin\u2019s highs in gold terms in a blog post on Dec. 5. However, he still bets that Bitcoin will not survive a dollar crunch banking crisis.<\/p>\n In November, Farber took to his YouTube channel to discuss the connection between Bitcoin, Tether USDt (USDT) stablecoin and US Treasurys.<\/p>\n \u201cTether is backed by US Treasurys, which back the US dollar, which is what you redeem Tether for, which is used to buy Bitcoin, which is backed by Tether, which is backed by US Treasurys, which back the US dollar and so on,\u201d Farber said. He added:<\/p>\n \u201cThis is a spiral of monetary nothingness spinning in the air, and when you buy gold and silver, you\u2019re taking that money out of the merry-go-round. When you buy Bitcoin, you\u2019re just stimulating the price of Treasurys and you\u2019re spreading the US inflation, and continuing the power of the deep state.\u201d<\/p><\/blockquote>\n Despite his skeptical view, Farber doesn\u2019t rule out changing his stance on Bitcoin someday, but he needs to see how it weathers a global financial crisis. He stated:<\/p>\n \u201cWhen that is triggered, if Bitcoin can maintain stability on gold ounce terms \u2014 not in dollar terms, I don\u2019t care about dollars \u2014 then I will admit that Bitcoin is a viable gold derivative, and therefore not money itself, but a viable derivative of money, which can be used in commerce.\u201d<\/p><\/blockquote>\n \u201cI don\u2019t think that is going to happen,\u201d he added, referring to the fact that Bitcoin\u2019s value went down 37.5 ounces of gold to about 10 ounces in the last BTC crunch.<\/p>\n \u201cI think the next crash of Bitcoin in gold terms will be even worse than that. We will find out soon enough when bank reserves fall below $3 trillion, which will be shortly,\u201d Farber predicted.<\/p>\n Magazine: <\/strong><\/em>13 Christmas gifts that Bitcoin and crypto degens will love<\/strong><\/em><\/p>\n Check other news for today<\/span> and Please stand by..<\/p>\n *********************************<\/p>\n If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n *********************************<\/p>\n Be the first to get most important HYIP news everyday! If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\nECB execs: \u201cBitcoin has failed on the promise to be a global decentralized digital currency\u201d<\/h2>\n
Jamie Dimon: \u201cI call it the pet rock\u201d<\/h2>\n
Rafi Farber: \u201cWhen you buy Bitcoin, you\u2019re just spreading the US inflation\u201d<\/h2>\n
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