30 People Who Were Really Wrong About Bitcoin

“The horse is here to stay but the automobile is only a novelty – a fad.” So scolded a bank president in 1903, warning Henry Ford’s lawyer not to invest in the motor company. 80 years later, inventor Marty Cooper predicted: “Cellular phones will absolutely not replace local wire systems.” And, 30 years after that, a string of “experts” emerged to dismiss the latest tech – Bitcoin.

The Dumbest Bitcoin Predictions Ever Made

Every disruptive piece of technology attracts its haters and sceptics. Some people just don’t get it, some don’t want to, and others dismiss it out of self-interest. Just this week, former U.S. Federal Reserve chairman Al Greenspan declared: “Bitcoin is not a rational currency.” This is coming from the same man who, in 2011, said: “The United States can pay any debt it has because we can always print money.”

Sometimes, there simply aren’t enough reaction faces. As bitcoin nears the end of a record-breaking year, it seems an appropriate time to revisit the tidings of bitcoin naysayers who were forced to eat their words. Take out the popcorn and get comfortable as we dive into the direst bitcoin pronouncements ever uttered.

2011

“So, That’s the End of Bitcoin Then” – Forbes. The publication continues:

[Bitcoins are] not liquid, nor a store of value, as the price collapse shows and if they’re none of those things then they’ll not be a great medium of exchange either as who would want to accept them?…It’s difficult to see what the currency has going for it.

2013

“The Bitcoin Is Dying. Whatever.” – Gizmodo Australia. It reads:

So Bitcoin, we’ll remember the good times, like the time that one guy who got heat stroke while mining Bitcoins. Or the time there was the great heist caper that shut down trading site Mt Gox for an entire day. The lulz were abundant. But frankly, it’s time for you to go. Farewell.

Wired: “[Bitcoin’s] volatility and built-in irreversibility will doom it to the ash-heap of history.”

Business Insider: “Bitcoin is a joke.”

“Beware of This Insidious New Currency Scam” – Salon

“Bitcoin is a really bad idea. Promoting digital currency is like promoting digital food; it will leave you empty and you’ll wonder why you ever thought it was a good idea.” – Zdnet.com

2014

2014 was peak stupidity for writing-off bitcoin, as the following soundbites show.

Jason Hoffman, Ericsson vice president: Bitcoin’s blockchain is a good strategy to emulate if “you throw away the actual currency part of it.”

“Bitcoin is neither a relatable store of value nor a helpful unit of account.” – Reuters

John Crudele, New York Post columnist:

Bitcoins are a fake currency that is nothing more than a confidence scheme. Their only value is that there are a few layers of gullible people who are willing to accept them as some form of payment. Eventually this confidence game will end. Go out and buy Beanie Babies instead. At least you can take them to bed at night.

First they ignore you, then they laugh at you, then they beg for bitcoin.

Valley News:

Anyone who thinks that Bitcoin will triumph has to believe that it will succeed where earlier generations of private currencies failed — that Bitcoin will, improbably, manage to overthrow more than a century’s worth of accumulated state power, jealously guarded and ruthlessly enforced. That’s a preposterous fantasy — and a dangerous one, if you’re an investor.

“If Bitcoin was allowed to proliferate as a currency it would produce greater economic uncertainty, reduced trade and lower individual standard of living.” – Business Insider.

Ex-Federal Reserve Bank examiner, Mark T. Williams: Bitcoin “will trade for under $10” by June 2014.

Commodities trader Dennis Gartman: Bitcoin is “nothing more than a scam of the first order.” (Three years later and he’s still writing off bitcoin.)

Blogger John Gruber: “In lieu of Bitcoin, I’ve stuck to flushing $100 bills down a toilet. I’m deep in the red, but at least I understand exactly what’s going on.”

Washington Post: “Bitcoin isn’t a currency. It’s a Ponzi scheme for redistributing wealth from one libertarian to another.” […]

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