Over the past few months, a chorus of some of the world’s most powerful businessmen has been determined to scare the financial system into believing that crypto is dangerous. Jamie Dimon said, “Bitcoin itself is a hyped up fraud.” Jane Fraser opined, “If grandma is investing in crypto, we better have protections in place.” And Charlie Munger described it as “a gambling contract with a nearly 100% edge for the house.”
The loudest critics of the new asset class all seem to have one thing in common–they’re some of the biggest winners of the legacy financial system, and arguably have the most to lose if cryptocurrency becomes the norm.
