Jamie Dimon, Chairman & CEO of JPMorgan Chase, and Warren Buffett, an American investor, and business tycoon are two Billionaires whose convictions about Bitcoin are largely bearish.
The two men, whose knowledge of finance has contributed greatly to their wealth, have asserted that Bitcoin is not poised to remain in use for the long term. But Anthony Pompliano of Morgan Creek Digital, a Bitcoin evangelist who does not relent in updating the market about his bullish analysis on the leading asset, is convinced that both Buffett and Dimon will have a change of perception.
He tweeted today “I can’t wait for Jamie Dimon and Warren Buffett to buy Bitcoin at $250,000.” The predicted price is not a long shot for Bitcoin if the expected time frame for the asset to hit the above price mark is between this year and the following year.
According to the Stock-to-Flow Model, a year-end price of at least $100,000 will be recorded this year. The average price that will precede this, is an estimated $288,000, according to PlanB, the creator of the S2F model.
As Pompliano said, the surge in Bitcoin’s price to the aforementioned level may indeed force both investors to purchase the asset, in the same way, other billionaires have retracted their bearish stances on Bitcoin.
However, it is also possible that both Billionaires stick to their current convictions, as both their criticism of the asset focuses more on Bitcoin’s capacity to survive over a long period of time than the ability for the asset to hit new price levels.
Back in 2020, Dimon said that Bitcoin was “just not my cup of tea.” But in 2017, his takes were even harsher. Asides from calling Bitcoin a “fraud..worse than tulip bulbs” and adding that Bitcoin “isn’t going to work” he was firm about firing JPMorgan traders, should they take part in trading the asset, as “It is against our rules, and they are stupid, and both are dangerous.”
Even though three years have passed and JPMorgan now allows investors to allocate 1% of their portfolio to Bitcoin, Dimon is still yet to warm up to the asset.
Like Dimon, Warren Buffett is just as skeptical about Bitcoin. Last year, the billionaire told CNBC “I don’t have any Bitcoin. I don’t own any cryptocurrency, I never will.”
Even Charlie Munger, his long-time business partner, recently advised investors against buying Bitcoin. “I don’t think bitcoin is going to end up the medium of exchange for the world. It’s too volatile to serve well as a medium of exchange.” He said.
Meanwhile, on the other end of the spectrum, billionaire Paul Tudor, Howard Marks, and the richest man in the world Elon Musk have been more embracing of the asset.