From Bill Gates to Rakesh Jhunjhunwala and Warren Buffett; These billionaires have no faith in cryptocurrencies

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The most popular cryptocurrency, Bitcoin, has fallen more than 50% since November 2021, when it hit an all-time high of $68,000. Other cryptocurrencies suffered a similar fate and saw a downward trend. However, many celebrities continue to invest in cryptocurrencies despite the decline the digital asset has faced. Not to mention that Kim Kardashian, Floyd Mayweather, and former NBA star Paul Pierce were sued for “using their fame to pump a little-known cryptocurrency called EthereumMax.” A recently published advertisement by crypto.com, featuring Hollywood actor Matt Damon, has been widely criticized. Nevertheless, let’s take a look at the celebrities who continue to remain fans and invest in cryptocurrencies. (Image: Shutterstock)

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Bill Gates | The Microsoft co-founder recently dismissed cryptocurrencies and said projects like non-fungible tokens (NFTs) are “based on the biggest fool theory” at a TechCrunch event in Berkeley. The theory suggests the idea that overvalued assets will increase because there are people willing to pay more for them. Earlier in an “Ask Me Anything” exchange on Reddit, Gates revealed that he did not invest in cryptocurrencies. He said he likes to invest in things that have an “output of value”, arguing that digital assets are not for him. (Image: Reuters)

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Rakesh Jhunjhunwala | The billionaire Indian investor has been an avid critic of cryptocurrencies such as Bitcoin and he even said that he would not buy Bitcoin even for $5 in an interview with CNBC. Ahead of the 2022 budget, Jhunjhunwala said regulators in the country should ban cryptocurrencies. In a later interview, Jhunjhunwala predicted that the crypto market would crash one day. (Image: Reuters)

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Warren Buffet | The Oracle of Omaha has made similar comments in the past, when he said that cryptocurrencies are not productive assets and that he wouldn’t buy all of Bitcoin even for $25. Speaking at an annual meeting of Berkshire Hathaway shareholders, he claimed that cryptos weren’t yielding anything tangible. According to a report from CNBC, Buffett had previously called the crypto “the rat’s death squared.” (Image: Reuters)

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Sam Zel | Billionaire founder and chairman of Equity Group Investments, Sam Zell, has stayed away from cryptos. He explained that the reason he doesn’t invest in cryptos like Bitcoin is because he doesn’t understand their security, and he thinks Bitcoin is still too expensive even though he has lost more than half its value since its peak. He said that any kind of currency without the backing of a government is unlikely to work. (Image: Reuters)

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Jamie Dimon | Jamie Dimon, CEO of JPMorgan Chase, has clearly expressed his disdain for cryptocurrency in the past. He called cryptocurrencies worthless during his boom in 2021 and now he stopped calling them currencies. According to Dimon, currencies have rules and laws behind them with the backing of central banks, and since cryptos don’t have that, he calls them tokens and not currencies. However, Dimon recently stated that he sees value in blockchain technology and decentralized finance in his annual letter to shareholders. (Image: Reuters)

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Charlie Munger | The billionaire investor is another vocal critic of cryptocurrencies. He called Bitcoin “dumb and evil” and something that makes it look bad. He explained that it’s dumb because it’s likely to go to zero, it’s bad because it undermines the Federal Reserve system and it makes him look stupid compared to the communist leader in China because he has already banned bitcoin. (Image: Reuters)

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