Billionaires who criticised cryptocurrencies and are now adding them to their assets

Elizabeth Smith

It is no secret: progress attracts. There is no one capable of remaining defenceless in the face of what are presented as opportunities capable of changing the world. Many of us are sceptical at first, only to later regret not having taken part in the progress that is advancing. It is the case with cryptocurrencies.

The most famous billionaires don’t make much of a difference sometimes and this list is proof of that. These 5 figures include illustrious figures from the economic and financial sphere and it might be unbelievable to believe that until recently they didn’t want to know about cryptocurrencies.

However, things changed and they ended up being participants in the crypto market, retracing their steps. Let’s find out who they are, some of whom may surprise you greatly due to their previous (and heated) negative statements within cryptocurrencies.

Carl Icahn, cryptocurrencies against inflation

Maybe some may not know him, but know that he is an investor with assets of around USD 17 billion. Known to be a controversial corporate raider, he became famous (and a billionaire) thanks to his financial transactions.

In 2018, he admitted to making statements that he had to recant solely generated by ignorance regarding digital assets that were still not so well known at the time. He strongly criticised all cryptocurrencies, deeming them ‘ridiculous’.

But do you want to know what happened next? Well Carl Icahn declared that he had invested around USD 1.5 billion in cryptocurrencies as of May 2021. He also stated several times recently how Bitcoin can help in the fight against inflation.

Mark Cuban, the cryptocurrencies fortune

Mark Cuban, famous billionaire, also known for the Shark Tank programme has been one of the biggest critics of cryptocurrencies.

He has stated several times over the years that they were purposeless, easy to hack and difficult for an investor to understand. Today, he has become one of the most extreme supporters of crypto in the entire world.

More than Bitcoin, however, he is a fan of Ethereum where he is convinced there is the greatest room for growth. Moreover, his ‘reimagining’ of Web3 was born out of the advent of NFTs which made him particularly passionate about the sector.

Howard Marks: Bitcoin +1,500%

Another well known name overseas, but certainly no less globally. Howard Stanley Marks is the largest investor in ‘distressed’ securities, i.e. those even on the brink of bankruptcy.

With USD 2.2 billion in net assets, Howard Marks has always criticised the industry, eventually thanking his son Andrew, who now seems to manage the family finances and bought a significant amount of Bitcoin in his time.

Today it seems that the billionaire sees the value of Bitcoin (held along with his other assets by his son) increasing for at least the next 10 years! His estimate? He believes Bitcoin could perform at +1,500%. Can you believe that? He wouldn’t have either.

Jamie Dimon and JPMorgan

One of the world’s most important financial companies and one of the most skilled investors. Yes, we are talking about Jamie Dimon, CEO of J.P. Morgan Chase & Co., the one who publicly declared Bitcoin a fraud in 2018.

Today, his company allows its own clients to have access to cryptocurrencies, in particular funds based on them, especially Bitcoin.

So, what should we think? The billionaire has a respectable wealth of around USD 1.5 billion, but seems to have no declared active participation in the digital market. However, he now invests through his company in this allegedly ‘fraudulent’ market.

Warren Buffet: the oracle on cryptocurrencies

Last on the list is the Oracle of Omaha, the world’s No.1 investor. Warren Buffet has done everything to discredit cryptocurrencies, that’s for sure. And we are not talking about the latest arrival, but about one of the 10 richest men in the world (around USD 118 billion) and a proven entrepreneur! He always claimed that Bitcoin and all other cryptocurrencies were a kind of rat poison.

In fact, he publicly stated that they were worthless and that if someone offered him all the Bitcoins in the world for $25, he would not want them. Pretty clear, don’t you think? Yet it seems that in 2022 Warren Buffet invested USD 1 billion in a Brazilian bank that supports cryptocurrencies, especially Bitcoin.

To be clear, this is Nubank, the largest fintech bank in Brazil, which is very popular among the crypto community. A change of course? Who knows. In the meantime, part of the capital of the famous Oracle of Omaha is now certainly part of the much-criticised crypto sector.

Read also: Is DeFi the future of finance?

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