Matthew Sigel, Head of Digital Assets Research at VanEck, has dropped the updated Bitcoin Hall of Shame. It includes 12 of the loudest opponents of cryptocurrency, who, according to Sigel, only “strengthen the arguments in favor of Bitcoin.” Here they are.
12. Joseph Stiglitz
The Nobel Prize winner said that “Bitcoin should be banned.” Sigel ironically notes that demanding a ban on mathematics is a sign of a weak position.
11. Janet Yellen
The former US Treasury Secretary and ex-Chair of the Fed admitted back in 2014 that the Fed cannot regulate Bitcoin. Since then, according to Sigel, she has been repeating the same arguments: speculation, crime, energy consumption, and inefficiency.
10. Christine Lagarde
The ECB President called Bitcoin “worth nothing,” while simultaneously promoting the digital euro. According to Sigel, if someone constantly insists that a thing has no value, it most likely means it does.
9. Kenneth Rogoff
The IMF and Harvard economist said in 2018 that Bitcoin was more likely to fall to $100 than rise to $100.000. Sigel points out that six years later, the cryptocurrency is doing better than its critics. It is worth noting that on August 19 Rogoff admitted he was wrong.
8. Charlie Munger
Buffett’s partner called Bitcoin “disgusting” and a “threat to civilization.” Yet, as Sigel emphasizes, both civilization and Bitcoin continue to exist.
7. Stephanie Kelton
The author of the book “The Deficit Myth” and supporter of MMT (modern monetary theory) claims that the government cannot run out of money. Sigel, however, points out a contradiction between her rhetoric and her lifestyle: she promotes ideas about fair redistribution from the comfort of the coast while also giving lectures on climate. In his view, Bitcoin stands in opposition to such a system.
6. Jamie Dimon
“If I were the government, I would shut it all down,” said the JP Morgan CEO in December 2023, speaking before the US Senate.
A few weeks later, traders at his bank were already participating in Bitcoin ETF trading. According to Sigel, this shows the gap between public statements and real actions.
5. Warren Buffett
In 2018, Buffett called Bitcoin “rat poison squared.” Despite this, the asset’s price kept rising. Sigel considers this proof of the early stage of mass adoption.
4. Nassim Nicholas Taleb
The author of “The Black Swan” called Bitcoin “a contagious disease” and “a useless asset.” Yet earlier, he wrote the foreword to the book The Bitcoin Standard. Now he blocks anyone who mentions Bitcoin on social media. Sigel views him as a symbol of betrayal of one’s former views.
3. Peter Schiff
A well-known supporter of gold. For many years, he has claimed that Bitcoin has no intrinsic value and will inevitably collapse. However, according to Sigel, year after year he loses to Bitcoin while continuing to criticize it.
This does not stop him from actively promoting his NFTs on Bitcoin Ordinals.
2. Paul Krugman
The Nobel Prize winner and New York Times columnist said back in 2013 that “Bitcoin is evil.” Since then, he has regularly criticized cryptocurrency. Sigel compares him to a “limousine liberal” who once failed to appreciate the importance of the internet and now cannot see the value of Bitcoin.
1. Nouriel Roubini
According to Sigel, economist Roubini has turned his fight against Bitcoin into a hobby. In 2018, he called cryptocurrency “the mother and father of all bubbles and frauds.” He constantly criticizes it, takes part in public debates, but Bitcoin continues to grow.
This post is for informational purposes only and does not constitute advertising or investment advice. Please conduct your own research before making any financial decisions.
