The cryptocurrency industry’s outspoken advocate – Anthony Scaramucci – urged investors to ignore Berkshire Hathaway’s CEO Warren Buffett and the head of JPMorgan Chase – Jamie Dimon – who have criticized the digital asset sector numerous times. Scaramucci argued that these people had not done their “homework”, which is why they did not enter the crypto market.
On the other hand, prominent investors such as Paul Tudor Jones, Stan Druckenmiller and Steve Cohen had done enough research into the matter and jumped on the bandwagon, Scaramucci added.
Why Are Buffett And Dimon Against Crypto?
In addition to enthusiastic supporters, the digital asset sector also has strong opponents. Two of these are the “Oracle of Omaha” Warren Buffett and JPMorgan CEO Jamie Dimon.
A few years ago, the former called bitcoin “rat poison,” which cannot be considered a real investment, but speculative gambling. In subsequent years, Buffett reiterated his stance against cryptography, while his right-hand man – Charlie Munger – wished digital assets were never invented.
Dimon has shared similar thoughts in recent years. He warned investors to stay away from bitcoin, arguing that it cannot be compared to traditional fiat currencies and gold. Before that, he called the leading digital asset a ‘fraud’.
According to SkyBridge Capital founder Anthony Scaramucci, the bashing manifesto is because Buffett and Dimon failed to investigate the matter or because they are at a stage in their careers where it is too late for change:
“These kinds of traditional finance folks have made the decision not to do the homework, or maybe they’ve done the homework, and they’ve decided it’s just too much of a change for them at this stage in their careers.”
Scaramucci also targeted 98-year-old Charlie Munger, who admired China’s ban on all cryptocurrency efforts and wished the US authorities would do the same.
“There have been pandemics, global wars and genocides, and apparently bitcoin is the worst thing for civilization. Bitcoin doesn’t care,” Scaramucci said.
Anthony Scaramucci, Source: CNBC
Investors who do their homework will buy crypto
As previously mentioned, the SkyBridge Capital executive opined that individuals who become familiar with the merits of the cryptocurrency industry will eventually allocate some of their wealth to it:
“If you do your homework, you end up investing some of your wealth in cryptocurrency and what we call Web3.”
Such “greats of the investment industry,” including Paul Tudor Jones, Stan Druckenmiller, Dan Loeb and Steve Cohen, have all realized the asset class’s potential and entered the ecosystem, Scaramucci added.
The CEO of Tudor Investment Corporation – Paul Tudor Jones – is indeed one of the biggest proponents of the industry and, more specifically, bitcoin. He has argued numerous times that the primary digital asset is the best inflation hedge, even superior to gold.
In addition, Steve Koen, who previously had doubts about the investment category, recently changed his position and placed himself among the supporters.
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