Back to the list

Bitcoin price surge triggers one big ‘I told you so’ from fans

source-logo  protos.com 29 February 2024 18:28, UTC

Bitcoin hit $63,000 on Wednesday night, leaving it roughly $6,000 from its $69,000 all-time high. The currency has been climbing — albeit in rather staggered intervals — since December 2022, and in this time, the space has also seen the rise of a number of Bitcoin-related products, including ordinals and the recently-approved bitcoin ETFs.

Not surprisingly, with the world’s foremost crypto in relatively rude health, its supporters have wasted no time in taking to X (formerly Twitter) to say “I told you so” to many of the well-known CEOs, spokespeople, and executives who have completely missed the mark on bitcoin.

JP Morgan CEO called bitcoin a ‘pet rock’

A clip of Chase Bank CEO Jamie Dimon speaking at Davos in 2017 did the rounds yesterday. During the interview, it’s implied that Dimon may be on the fence where bitcoin’s concerned. However, he quickly responds, “You talk about it too much. You should stop talking about it and go back to something relevant.”

“Bitcoin is a fraud and you will regret owning it”—Jamie Diamond, CEO Chase Bank, 2017…when it was $900 pic.twitter.com/9NzqtZI4u7

— floridanow1 (@floridanow1) February 27, 2024

Read more: Decrypting JP Morgan’s crypto investments

Dimon then said, “Bitcoin is a fraud and you will regret owning it,” despite the fact that it was worth $900 at the time of the interview. The widely viewed X account Historic Vids also shared a clip of Dimon asking, “Who cares about bitcoin?”

At this year’s Davos, Dimon reiterated his sentiment calling bitcoin ‘a pet rock,’ adding that he believes the use cases for it are “AML, fraud, sex trafficking, and tax avoidance.”

He stressed, however, “I defend your right to do bitcoin… My personal advice is don’t get involved but I don’t want to tell anyone what to do, it’s a free country.”

Warren Buffet’s ‘rat poison’ claim

X users have also been sharing (presumably sarcastically) the comment “Warren Buffet doesn’t own 1 bitcoin that should tell you everything you need to know.” Ninety-three-year-old Buffet is a prominent investor but isn’t keen on bitcoin.

Warren buffet doesn’t own 1 bitcoin that should tell you everything you need to know. https://t.co/TjI12UfWsk

— doncrypto (@DonCryptoDraper) February 29, 2024

Bitcoin supporters also delighted in sharing that Buffet once claimed that bitcoin is “rat poison squared.” He also claimed in a CNBC interview five years ago that bitcoin “Is an asset that creates nothing.”

Strangely, despite these well-publicized opinions, Justin Sun claimed that Buffet does indeed hold just one bitcoin, a reference to the time Sun gifted him a phone with crypto on it when attending a charity event in February 2020.

Justin Sun has more bitcoin on HTX than the exchange held last month

Read more: RIP Mr. Goxx, the crypto trading hamster who beat Bitcoin and Warren Buffet

It’s unclear if Buffet even has that phone anymore and he reportedly ditched his old Samsung for an Apple phone later that month.

Peter Schiff: All gold and no bitcoin

Gold enthusiast and co-founder of Echelon Wealth Partners Peter Schiff was also a target of gloating Bitcoin maxis. One user said, “I wish Peter Schiff had listened,” noting that when Schiff said there was no crypto winter, but a ‘crypto extinction,’ the price of bitcoin at the time was worth roughly $16,500.

There is an old saying that markets take the stairs up and the elevator down. With #Bitcoin it's a bit different. Bitcoin takes the elevator up and then jumps.

— Peter Schiff (@PeterSchiff) February 27, 2024

Users noted that Schiff’s website accepts bitcoin and were quick to point out that in the last 10 years, bitcoin has risen by 10,263% while gold climbed ‘just’ 59%. “I prefer to take the elevator up, they said.”

Schiff also responded to the president of El Salvador, Nayib Bukele, telling him to “Talk about those profits after you sell and realize them,” before Bukele told Schiff to “Cry harder 😘.”

Cry harder 😘 https://t.co/t8oSk9WUjo

— Nayib Bukele (@nayibbukele) February 28, 2024

Cramer wrong on bitcoin surge

Some users used bitcoin’s surge as an excuse to remind us of someone who has developed a reputation as one of the worst predictors of bitcoin: Host of CNBC’s ‘Mad Money,’ Jim Cramer. While far from a billionaire, his reputation alone makes him an honorable mention.



— Autism Capital 🧩 (@AutismCapital) February 28, 2024

Read more: Spicy quotes from famous anti-Bitcoin boomers that made our year

Bitcoin proponents claimed that Cramer is ‘coping’ with bitcoin’s rising price when he asked “What has bitcoin done for mankind?” today.

One X account pointed out that bitcoin is up 55% since Cramer said that it “is unlikely to find its footing,” with another pointing out that it’s up 250% since he called it “a phony and a scam.”

Sentiment changes along with price, and sure enough, if bitcoin happens to drop dramatically in the coming weeks, it may not be the pro-bitcoin crowd sharing the ‘told you so’ clips. channel.