Bitcoin Hits Record High, But Wall Street’s Top Investors Are Having Second Thoughts

As Bitcoin, the leading cryptocurrency, continues its meteoric rise to unprecedented heights, the past comments of Wall Street’s most prominent investors are once again in the spotlight. Many of these financial titans previously dismissed Bitcoin, with some calling it a “scam” or claiming they “wouldn’t buy it for $25.” However, a shift is occurring, with some now reconsidering their stance and venturing into crypto.

According to a report from The Wall Street Journal on Sunday, James Dimon, Chairman and CEO of JPMorgan Chase, has long been a vocal critic of Bitcoin. In 2017, Dimon famously labeled Bitcoin a “fraud” and even threatened to fire any employee caught trading it. During a congressional hearing, He called cryptocurrencies “Ponzi schemes” and urged government intervention. While his views appear largely unchanged, Dimon recently softened his stance, telling CNBC, “My personal recommendation is to steer clear,” though he added, “I’m not here to dictate your actions. This is a free country, after all.”

Larry Fink, CEO of BlackRock, has experienced a significant shift in his outlook on Bitcoin. In 2017, Fink dismissed Bitcoin as a “money laundering index.” However, after extensive research into digital currencies, he now sees Bitcoin as a legitimate asset that can hedge against currency devaluation and political instability. During a recent interview, Fink expressed strong confidence in Bitcoin’s importance in a diversified portfolio. “I mean, we believe Bitcoin is an asset class in itself. It is an alternative to other commodities like gold,” he said. Currently, BlackRock manages the largest Bitcoin fund in the market.

Ken Griffin, CEO of Citadel, has been cautious about Bitcoin, often highlighting its speculative nature. He once compared Bitcoin to the 17th-century tulip mania and likened distrust in the dollar to the rallying cry of jihadists. While Griffin has since acknowledged his past views on Bitcoin as “mistaken,” he still questions its practical economic value.

Warren Buffett, the CEO of Berkshire Hathaway, remains one of Bitcoin’s most vocal critics. He famously stated, “If you owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” suggesting that Bitcoin’s surge is driven by speculative enthusiasm rather than inherent value.

Meanwhile, Coinbase reports that Bitcoin’s price has surged to approximately $106,500, shattering its previous record of $104,000 set just 11 days prior on the same platform.