In 2017, Jamie Dimon called cryptos a “fraud.”
The JPMorgan Chase CEO said: “If you’re stupid enough to buy it, you’ll pay the price for it one day.”
In 2018, investor Carl Icahn called cryptos “ridiculous.” His stance was: “I wouldn’t touch that stuff.”
In 2019, tech guru Mark Cuban said he’d “rather have bananas than bitcoin.”
And as of last week, we can add Citadel CEO Ken Griffin to this lineup.
He claimed that crypto adoption is “a jihadist call that we don’t believe in the dollar.”
Now, what do these four billionaires have in common?
It’s not that they’re crypto skeptics.
It’s that they’re hypocrites.
What Are They Up to Now?
Jamie Dimon made those comments years ago and has kept up his attacks on cryptos over the years.
But in July, JPMorgan Chase started offering six different crypto investments to its clients.
The bank even said that bitcoin seems to be a better hedge against inflation than gold.
Carl Icahn came out in May and said he was looking to invest in the crypto markets.
This came after he admitted that cryptos seem like they’ll stick around in the long run.
He said he plans on investing $1 billion to $1.5 billion in cryptos.
And Mark Cuban is a crypto fanatic.
He owns over 100 different altcoins. He also has several nonfungible tokens, or NFTs.
Cuban’s basketball team, the Dallas Mavericks, even accepts Dogecoin as payment.
Crypto Adoption Is Heating Up
More and more people are embracing crypto in its various forms across the globe.
According to Chainalysis, crypto adoption grew 881% in the last year.
And we can expect this trend to continue as governments and businesses warm up to crypto.
It’s no wonder billionaires feel like they’re missing out.
And soon, other skeptics like Ken Griffin will get into cryptos as well.
But don’t just take my word for it.
Yes, Griffin called cryptos a “jihadist call” against the dollar. But he added that his firm would get into cryptos when regulation kicks in.
Cryptos Are More Than Just Currencies
The way these billionaires talk about crypto could make you think it’s just a currency.
But blockchain technology goes far beyond that.
These billionaires won’t sit on the sidelines for long, though.
So, check out Ian King’s new presentation on “Crypto’s Third Wave” as soon as you can.
In it, he covers crypto projects that are more than just currencies.
Research Analyst, Strategic Fortunes
From open till noon Eastern time.
OncBioMune Pharmaceuticals Inc. (OTC: OBMP) is a precision medicine and molecular data-generating company that develops cancer immunotherapy products. It is up 76% this morning as part of a general surge in thinly traded biotech penny stocks that have recently made it onto investors’ radars.
RLX Technology Inc. (NYSE: RLX) is a Chinese manufacturer of vaping products. It has no real news to report and is up 16% just on excitement from meme traders.
Relay Therapeutics Inc. (Nasdaq: RLAY) is a clinical-stage precision medicines company that is up 14% today after announcing the price point of $26.50 for new shares under a secondary stock offering.
InMode Ltd. (Nasdaq: INMD), a medical-device manufacturer, is up 13%, continuing its rally from Tuesday when the company raised its full-year revenue guidance and predicted a record revenue in Q3.
Vimeo Inc. (Nasdaq: VMEO) is a video-sharing platform. It is up 13% this morning after it reported strong numbers in its monthly metrics report for September and got a price target raise from Jeffries.
Plug Power Inc. (Nasdaq: PLUG) is a hydrogen fuel cell company that is up 12% this morning. The stock jumped after the company announced a partnership with Airbus to investigate hydrogen fuel use in air transportation. The stock was also affected by Morgan Stanley upgrading it from a hold to a buy.
Recursion Pharmaceuticals Inc. (Nasdaq: RXRX) is a clinical-stage biotech company that is using automation and data science to industrialize drug discovery. It is up 11% despite today being the day that several lock-up restrictions for existing shareholders ends.
TaskUs Inc. (Nasdaq: TASK) is a provider of outsourcing services for companies. It is up 11% on a bounce-back today after trending downward for nearly a month.
Vistra Corp. (NYSE: VST) is a retail electricity and power generation company that is up 11% on the news of a $2 billion share repurchase program. The company also received a price target raise from BMO Capital.
Allogene Therapeutics Inc. (Nasdaq: ALLO) is a clinical stage company that develops genetically engineered allogeneic T-cell therapies for cancer. It is up 11% today as part of a bounce-back after the stock dropped a few days ago on the news of clinical trials for its leading treatment being halted for safety reasons.