Bitcoin reaches $100,000: the most catastrophic predictions made over the years

Bitcoin’s detractors have never been in short supply: some of the most notorious prophecies that ended badly.

Almost 16 years after its inception, Bitcoin has reached and exceeded the historic milestone of $100,000. It has been the financial asset that reached the $1 trillion market capitalization the fastest and will probably be the first to touch $2 trillion.

The path, however, has not been without oscillations: the climb to $100,000 has been turbulent, with years of strong growth and periods of significant price corrections. Beyond the Bitcoin community that has grown over the years, accompanying the growth and spread of the technology, there have been no shortage of detractors, catastrophists, and opponents.

Let’s retrace some of the most outlandish statements made over the years.

In 2017, Jamie Dimon, CEO of JPMorgan Chase, commented:

“Bitcoin is a fraud that will eventually explode. It’s worse than tulip bulbs. It won’t end well.”

In 2023, Dimon repeated himself, stating on CNBC:

“Bitcoin is a hyped-up fraud.”

In 2017, BlackRock CEO Larry Fink, now manager of the IBIT ETF and a great Bitcoin supporter, defined the cryptocurrency as a “money laundering index. Bitcoin simply demonstrates how great the demand for money laundering is in the world”.

In 2018, Daniel Steven Peña Sr., known as Dan Peña, an American entrepreneur and motivational speaker, declared:

“Bitcoin will go to fucking zero”.

In the same year, Warren Buffett, famous investor and CEO of Berkshire Hathaway, said:

“Bitcoin is probably rat poison squared.”

Also in 2018, Bill Harris, former CEO of PayPal, told CNBC:

“Bitcoin is the greatest scam in history.”

In 2022, Nouriel Roubini, an internationally renowned economist, wrote on X:

Bitcoin now below 19k, a 72% crash from its all time high in November 2021. 1000s of other shitcoins have lost 99% of their value and disappeared. And even the other Top 10 “cryptocurrencies” have lost 80-90% of their value from their ATH. This Ponzi house of cards is collapsing

— Nouriel Roubini (@Nouriel) June 18, 2022

Also in 2022, Peter Schiff, an economist, financial broker, and gold investor, stated:

Long-term Bitcoin #HOLDers aren't worried as they've been through 73% declines before. But previous declines didn't involve anywhere near the total market cap lost during this decline, nor did they involve massive leverage. This crash is just beginning. #Bitcoin will not recover.

— Peter Schiff (@PeterSchiff) June 18, 2022

In 2023, Peter Zeihan, an American researcher, author, and geopolitical strategist, guest on Joe Rogan’s podcast, claimed:

“Cryptocurrencies are now in the process of going to zero, except for Bitcoin, which will probably drop below zero, because if we’re entering a world with carbon taxes, you have to consider the energy needed to produce it in the first place. What is Bitcoin worth today? $16,000? Ok, it needs to drop another $17,000”.

Dave Ramsey, a well-known American radio personality specializing in financial advice, said:

“Bitcoin is a really good way to turn $1 million into nothing.”