Last week on CNBC's Squawk Box, host Joe Kernen surprised viewers with a bullish rebuttal to the announcement of Facebook's cryptocurrency, Libra. Kernen said, "This is just based on the dollar. I don't understand it. Is it called a cryptocurrency? Well, it's not."
Kernen followed by calling himself a bitcoin "believer" and "bull." His proclamation got the attention of the crypto world, and soon Joe had a whole new fan base, Crypto Twitter.
Kernen's change of heart came as a surprise to many. Just a few months ago in a conversation with Morgan Creek Digital's Anthony Pompliano, he compared Bitcoin to "tulip mania," "What differentiates it? From that, it's just acting like a crazy, bubble, tulip…"
The Stages of Bitcoin Acceptance:
From skeptic to believer, Kernen has glided through the stages of Bitcoin acceptance in record time.
The 5 stages of crypto acceptance according to @barrysilbert:— Voyager (@investvoyager) July 5, 2019
3: Intellectually curious
Tag a friend and what stage they're in!
From Skeptic to Believer
Kernen isn't alone. In the past few months, more and more former skeptics are changing their tune. Here are just a few...
In 2014, the author of 'The Ascent of Money,' said his son's investment in Bitcoin was the "worst investment decision of his [son's] life." He recently admitted that he was "very wrong" about bitcoin and digital currencies, adding he was "wrong to think there was no use for a form of currency based on blockchain technology."
Voyager's Rating: Believer
The General Manager of the Bank of International Settlements, Agustin Carstens' has called crypto a "combination of a bubble, a Ponzi scheme and an environmental disaster." He made a 360 this week when he said, "many central banks are working on it (digital currencies); we are working on it, supporting them. And it might be that it is sooner than we think that there is a market and we need to be able to provide central bank digital currencies."
Tyler Cowen, an economist and columnist for Bloomberg, has long been skeptical of crypto and its viability. In 2013, he wrote an article titled, "How and Why Bitcoin Will Plummet in Price." This month, he has seemingly given into the crypto bug publishing an article, "Bitcoin is (Probably) Here to Stay," where he highlights the value of Bitcoin.
This Bitcoin hater doesn't need an introduction. Dimon became well-known for his disdain for crypto, calling Bitcoin a "fraud," only to later admit he regretted the comment. JP Morgan announced their own stable coin, JPM Coin, which is currently being trialed with their corporate clients.
Everyone's "crypto aha moment" is different, but Bitcoin has proved its resilience. Bitcoin didn't go to zero like many non-believers said it would. It survived another bear market and has seen exponential growth this year. If you didn't believe in crypto during the last bull run, now may be an excellent time to jump on the bandwagon!
All across the crypto community talk of Bitcoin’s next bull run is consuming most discussion. Everyone is looking for clues or signs that could support the theory that the next bull run is getting its footing right now, and could take Bitcoin price to a new all-time high. Read more.
The likelihood of a Bitcoin exchange-traded fund gaining approval from the U.S. regulator has declined thanks to the cryptocurrency’s wild price swings in June, Jeff Dorman, chief investment officer at Arca, wrote in a July 1 research note. Read more.
Prime Factor Capital Ltd., a London-based hedge fund manager set up by former employees of BlackRock Inc. and RWE AG, became the first investment firm focused on cryptocurrencies to win the stamp of approval from U.K. regulators. Read more.
Crypto News: Square to Accept Bitcoin Deposits; TD Ameritrade-Backed Trading Platform Receives License
Cryptocurrency is still a nascent asset class. The majority of people who buy and sell cryptocurrencies such as Bitcoin are individual investors and traders. There are signs that institutional investors -- such as hedge funds, pension funds, and university endowments -- are beginning to enter the crypto arena. Read more.
A brief outage Tuesday morning at 10:00AM Eastern took down a number of crypto information and trading sites including Coinbase and CoinMarketCap. The issues cleared up around 10:18AM and most sites seem to be running again. Read more.
The price of bitcoin could touch the $40,000 level by 2020, according to billionaire investor Michael Novogratz. The founder of US-based Galaxy Investments Partners said in a phone interview with Bloomberg that he sees bitcoin breaching above its 2017 peak of $20,000 in the near-future. Read more.
One of the common criticisms thrown at bitcoin by those who are not bullish on its long term potential as a global, apolitical store of value and medium of exchange is that governments will eventually decide that the cryptocurrency should not be allowed to exist. Read more.
Binance CEO is calling for Bitcoin (BTC) to hit $100,000 before the year ends, he believes between $50,000-100,000 range. Gin Chao says that BTC will not be leaving the bullish market anytime soon. Read more.