The idea of cryptocurrency has now spread to the whole world, and top authorities of this world have their opinions on this technology and working. Some think of this as the future while many think this a baseless idea in the financial world. It is important for us to know the views of global CEOs on crypto.
Tesla CEO Elon Musk publicly endorses digital currencies. According to JP Morgan CEO Jamie Dimon, Bitcoin is a “fraud”. Google and Alphabet CEO Sundar Pichai said that he does not hold any digital currency but he wishes he did. But no matter what the views of these global CEOs on crypto, they cannot ignore blockchain technology and the impact it has on the global economy presently.
Global Ceos On Crypto: Opinions From Across The Globe
Despite being only a few years old, digital currencies have received a high volume of fame. They have collectively evolved to more than $3.3 trillion in valuations, beating the likes of major businesses like Microsoft and Apple out. With this let us see in detail the opinions of Global CEOs on crypto.
Warren Buffett, American CEO and tycoon of Berkshire Hathaway has a renowned reputation for investing in stocks whose cash flow and value arrive from producing things. But digital currencies do not have real value, Buffett exclaimed in an interview in 2020. The billionaire said,
“They don’t reproduce, they can’t mail you a check, they can’t do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person’s got the problem. It does not meet the test of a currency.”
He further added that while digital currency is a very effective route of transmitting money anonymously, but,
“It is not a durable means of exchange, it’s not a store of value.”
But he also drew similarities with cheques asserting that they too are ways of transferring money but they should not be worth a whole lot just because of their ability to transmit money.
Tim Cook, the CEO of Apple revealed that he holds crypto and is a long time crypto investor. He said this in a summit while answering to Andrew Ross Sorkin, who was the host of the New York Times’ two-day online summit. The CEO of Apple shared his idea on this boiling hot topic of virtual currencies like Bitcoin.
However, he dismissed the concept of accepting digital currency through Apple Pay anytime in the near future. He illustrated that Apple is “looking at” crypto, but he said there are no plans to launch such operations anytime soon.
Talking about crypto and Apple stocks, Cook noted that his company has no plans to invest in digital currencies because he firmly believes that the shareholders of Apple Inc do not purchase its stocks to gain exposure to crypto.
Google and Alphabet CEO, Sundar Pichai spoke about his plans on digital currency and revealed that as of now he does not hold any digital currency but he wishes he did. He said,
“I’ve dabbled in it, you know, in and out.”
Intriguingly, Pichai asserted in 2018 that his son who was 11 years old then was mining digital currency Ether from the family PC at home. He exclaimed,
“Last week I was at dinner with my son and I was talking about something about Bitcoin and my son clarified what I was talking about was Ethereum, which is slightly different. He’s 11 years old. And he told me he’s mining it.”
One name that has a huge influence in the digital currency space is Elon Musk, the Tesla CEO. In 2021 January Elon Musk added, “#Bitcoin” to his bio on Twitter, leading the price of the coin to surge by 25 per cent.
In February of this year, when Musk revealed that Tesla bought Bitcoin that was worth $1.5 billion, the digital currency increased by n20% in a single day. A few days after he wrote that the people’s crypto is Dogecoin, the coin jumped by 50% in a single day.
In the first week of October in 2021, the spinoff of Dogecoin, Shiba Inu surged 30% after Elon Musk’s tweet. Musk has a pet dog that is named Floki, which is a Shiba Inu breed. Clearly, the influence of Elon Musk on the digital currency space is huge.
Jack Dorsey, the CEO of Square and Twitter, is a Bitcoin investor. His love for digital currency dates back to 2017 when he began supporting Bitcoin as the king coin. When the crypto space crashed in 2018, Dorsey was unruffled, claiming Bitcoin to be the future world currency, despite the cryptocurrency being at its minimum point in several years. In March 2019, Dorsey had asserted that he spends numerous thousand dollars each week to purchase Bitcoin.
Assenting blockchain technology for payment transparency, Dorsey has revealed the whitepaper of its decentralized Bitcoin exchange proposal which is the tbDEX. Earlier, in August, Dorsey affirmed to investors that bitcoin will be a “big part” of the future of the company.
The next opinion of Global CEOs on crypto is of Mark Zukerberg. Back in May 2021, Mark Zuckerberg shared an image of two goats and quoted one of them was named “Bitcoin”. His post triggered a flurry of the supposition that the billionaire was endorsing the digital currency.
Earlier, in 2019, Facebook has affirmed that the digital currency of Facebook will be called Libra, even though the social media network will not be commanding this currency. Facebook is partnering with 27 other entities across the globe to design the non-profit Libra Association and this latest currency, which is focused on enhancing access to banking services to those who are out of the financial system.
The Bottom Line
Cryptocurrency has reached new heights in recent times. It is presently one of the hottest topics in the financial space. Many leading authorities have been talking about this idea and their view on the same. This article deals with that only. We have discussed the views of global CEOs on crypto and how their views affect the market.