These 5 People Initially Criticized Bitcoin but Later Changed Their Minds

Even though Bitcoin has faced a lot of criticism since it first came out, even the most vocal critics have had to think twice as the market has grown.

People can change their minds about a lot of things, and the crypto market is no exception. Even the most vocal critics have had to think twice as the market has grown. Here are five people who have changed their minds about crypto assets, from Donald Trump to Mark Cuban.

1. Donald Trump: Bitcoin “is very volatile and not based on anything”

Former U.S. President Donald Trump is a great example of how people can change their minds about cryptocurrencies. At first, he was really critical of the sector.

In 2019, he tweeted that he wasn’t a fan of Bitcoin and other cryptocurrencies. He said they aren’t money and their value is highly volatile and based on nothing.

…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

He also said that the U.S. dollar is and will continue to be the most dominant currency in the world.

However, Trump’s position has evolved. As a candidate for the 2024 U.S. presidential elections, he has officially endorsed Bitcoin and the broader crypto market.

Earlier this year, at a rally, he criticized policies that are bad for crypto assets and said that the U.S. needs fair regulatory frameworks. Since then, Trump has kept saying things that are pro-crypto.

In addition to accepting crypto assets for his campaign donations, he recently appointed J.D. Vance, a pro-crypto senator, as his campaign vice president. This move underscores his support for the crypto market.

2. Larry Fink: Bitcoin is “a tool for money laundering”

BlackRock CEO Larry Fink's views on crypto assets have also changed a lot over the years. At first, Fink wasn’t sure about cryptocurrencies, especially Bitcoin.

In 2017, he described BTC as a “tool for money laundering” during a meeting with the Institute of International Finance. By July 2018, he reiterated that BlackRock’s clients were not interested in investing in Bitcoin.

But like Trump, Fink has changed his mind. In January 2024, he compared Bitcoin to gold, stating it’s an asset that offers protection.

“Ultimately, it’s not much different from what gold has represented for thousands of years. It’s a class of assets that provides protection,” he told CNBC.

In March, he expressed being “pleasantly surprised” by the success of the iShares Bitcoin Trust ETF (IBIT) launched by his company.

Recently, Fink explained why his opinion has changed. He revealed he did personal research to better understand crypto assets. Now, he views Bitcoin as a “legitimate financial tool” that can provide returns uncorrelated with traditional financial markets.

3. Mark Cuban: “I’d rather have bananas than Bitcoin”

On the list is billionaire and American politician Mark Cuban, who made a surprising about-face on Satoshi Nakamoto’s currency.

He’s been critical of the asset for a while now, particularly regarding its importance and utility. In a video published in 2019, he said BTC had “no intrinsic value.”

Cuban went further, revealing he “would prefer to have bananas over Bitcoin.”

But times have changed, and Mark Cuban has started investing in crypto. In recent years, he’s been promoting crypto projects like Layer 2 Polygon (MATIC) and Injective (INJ).

On July 17 of this year, he acknowledged that “the Bitcoin market is global.” With the dollar struggling, Cuban believes BTC could stand out and become a “global currency.”

4. Kevin O’Leary: Bitcoin is “garbage” and a “useless currency”

Kevin O’Leary is a Canadian businessman and co-founder of O’Leary Funds and SoftKey. For long-time industry followers, it might be surprising that he has embraced cryptocurrencies.

He used to think Bitcoin was “garbage” and a “useless currency.” O’Leary was convinced that crypto assets were just “pure speculation.” Now, he’s a big believer in Bitcoin and even calls it “digital gold.”

In April 2024, O’Leary revealed he had allocated 11% of his portfolio to cryptocurrencies. He also stated he prefers holding Bitcoin rather than investing in Bitcoin Spot ETFs.

“If you’re a maximalist like me and you see Bitcoin as digital gold for the long term, you’ll never invest in an ETF,” he said.

Although this stance seems to divide many, it shows his confidence in the asset’s potential.

5. Andrew Tate: “A way to make money without contributing to society”

Andrew Tate is a public figure, former boxer, and British-American businessman