Billionaires Shift Their Stance: From Bitcoin Skeptics to Crypto Enthusiasts

Billionaires Shift Their Stance: From Bitcoin Skeptics to Crypto Enthusiasts

Billionaire investors like George Soros, Mark Cuban, and others have recently embraced Bitcoin and the broader cryptocurrency market, marking a significant shift in their investment strategies.

George Soros: From Critic to Crypto Investor

George Soros, a legendary investor known for his sharp financial insights, once called Bitcoin a “bubble” at the World Economic Forum in Davos in January 2018. He compared the crypto frenzy to the tulip mania of the 1600s, highlighting Bitcoin’s volatility as a major concern.

“Bitcoin is not a currency,” Soros said, emphasizing its unsuitability as a stable store of value due to its price fluctuations.

Despite his initial skepticism, Soros acknowledged the potential of blockchain technology. By October 2021, Soros Fund Management disclosed its venture into Bitcoin. Dawn Fitzpatrick, CEO of the fund, revealed they owned “some coins … but not a lot.”

Soros’s interest in crypto deepened over time. By the first quarter of 2024, Soros Fund Management had increased its stake in MicroStrategy, a company heavily invested in Bitcoin, with holdings worth over $135 million. This investment underscores Soros’s evolving stance, recognizing the strategic value of Bitcoin and the potential of blockchain technology.

Mark Cuban: From Bananas to Blockchain Believer

Mark Cuban, billionaire owner of the Dallas Mavericks, initially dismissed Bitcoin, humorously stating in 2019 that he would “rather have bananas than Bitcoin.” He compared Bitcoin to baseball cards and comic books, questioning its intrinsic value.

However, Cuban’s perspective changed significantly. By 2021, he became a vocal supporter of decentralized finance (DeFi) and non-fungible tokens (NFTs). Cuban invested in projects like Polygon (MATIC) and integrated crypto payments for the Mavericks, highlighting his commitment to the crypto space.

Cuban revealed that 80% of his non-“Shark Tank” investments focus on crypto and blockchain technology. His interest in decentralized autonomous organizations (DAOs) and the potential of smart contracts underscores his belief in the transformative power of blockchain.

Warren Buffett: From Skepticism to Strategic Investments

Warren Buffett, CEO of Berkshire Hathaway, famously called Bitcoin “rat poison squared” in 2018, expressing deep doubts about its value and sustainability. Despite his critical view, Buffett’s actions reveal a strategic interest in fintech and crypto.

In late 2021, Berkshire Hathaway invested $1 billion in Nubank, a Brazilian digital bank with a crypto-friendly approach. This move, along with previous investments in Nubank, highlights Buffett’s careful yet strategic adaptation to the evolving financial landscape.

Capitalists Follow the Money

The allure of profit drives even the staunchest skeptics to embrace new opportunities. Goldman Sachs, which halted its crypto trading plans in 2018, relaunched its crypto trading desk in 2021 amid growing institutional demand. At Consensus 2024, Goldman Sachs celebrated the success of new spot Bitcoin ETFs, marking a significant shift in its approach.

Ray Dalio, founder of Bridgewater Associates, initially criticized Bitcoin as a “bubble” in 2017. By 2021, he acknowledged owning some Bitcoin, recognizing its potential as a hedge against inflation and currency devaluation.


The growing acceptance of Bitcoin and cryptocurrencies by prominent billionaires and financial institutions signifies a broader shift in the investment landscape. As traditional assets face challenges, digital assets offer diversification and hedging opportunities, positioning crypto as a key player in the future of finance.

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