tl;dr
Matthew Sigel of VanEck created the "Bitcoin Hall of Shame," ranking Bitcoin's most vocal critics, whose attacks often inadvertently strengthen Bitcoin's position. Notable detractors include Nobel laureate Joseph Stiglitz, Janet Yellen, Christine Lagarde, Harvard's Kenneth Rogoff, Charlie Munger, Wa...
Bitcoin’s critics have gained a new kind of scoreboard, thanks to Matthew Sigel, VanEck’s head of digital assets research. As Bitcoin’s role in mainstream finance grows, opinions from economists and investors are evolving, prompting fresh scrutiny of its doubters. Sigel’s “Bitcoin Hall of Shame” ranks the most vocal opponents of the cryptocurrency, ironically showing how their attacks often strengthen Bitcoin’s position.
Among policymakers, Nobel laureate Joseph Stiglitz landed at number twelve for his call to outlaw Bitcoin, a comment Sigel dismissed as trying to “ban math.” Former US Treasury Secretary Janet Yellen was criticized for rehashing concerns about Bitcoin’s inefficiency and links to crime, despite advocating for tech-neutral innovation in 2022 and pushing stronger crypto regulation in 2024. European Central Bank President Christine Lagarde repeatedly dismissed Bitcoin as worthless while promoting the digital euro and expressed more openness toward stablecoins as potential aids for central bank digital currencies.
Wall Street and academic heavyweights also featured prominently. Harvard’s Kenneth Rogoff was ranked ninth, criticized for his 2018 prediction that Bitcoin was more likely to crash than reach $100,000. Despite this, Bitcoin has flourished, and Rogoff later admitted to misjudging its rise. Berkshire Hathaway critics Charlie Munger and Warren Buffett remained staunch opponents, with colorful insults toward Bitcoin, yet adoption surged beyond their skepticism. Nassim Nicholas Taleb, once an early Bitcoin supporter, became its “turncoat-in-chief,” aggressively opposing the cryptocurrency while cutting ties with its advocates. Jamie Dimon, JPMorgan’s CEO, simultaneously condemned Bitcoin while his traders promoted Bitcoin ETFs, illustrating the complex relationship between financial leaders and crypto.
Near the top of Sigel’s list are persistent detractors turned inadvertent promoters. Stephanie Kelton, an MMT economist, was criticized for advocating unlimited money printing, while Bitcoin emerges as an antidote to such fiscal excesses. Paul Krugman, who famously underestimated the internet, also dismissed Bitcoin despite its protective role for vulnerable populations. Nouriel Roubini, “Dr. Doom,” takes the lead as the loudest critic, making Bitcoin criticism almost a career. Peter Schiff persistently bets on gold as a stable store of value, yet annually loses the much-publicized “Bitcoin vs. gold” showdown.
Sigel’s overarching theme is clear: these outspoken critics, whether from Nobel-winning economists or Wall Street legends, consistently underestimate Bitcoin. Their repeated arguments about inefficiency, criminal use, and speculation ironically highlight Bitcoin’s durability. “The league table of Bitcoin’s loudest critics is always shifting… but all proving the case for Bitcoin in their own way,” Sigel sums up, encapsulating the paradox underpinning Bitcoin’s enduring story.