Gordon Johnson, CEO of GLJ Research, has renewed sharp criticism of Bitcoin, referencing the late Charlie Munger’s famous dismissal of the cryptocurrency as “rat poison.” In a recent post on X, Johnson labeled Bitcoin as “worthless” and purely speculative, arguing it has no use case or cash flow. He also accused major financial institutions like BlackRock and Fidelity of fueling a speculative bubble by profiting from trading fees on Bitcoin-related products while promoting its value to investors.
Johnson’s comments come after Bitcoin slipped below the $100,000 mark, trading at around $97,843. He pointed out that crypto miners typically sell their Bitcoin immediately for traditional currency to cover operating costs, a practice he believes undermines claims of Bitcoin’s long-term potential. This aligns with the skepticism voiced by Charlie Munger and Warren Buffett, who have consistently warned against investing in cryptocurrencies due to their speculative nature and lack of intrinsic value.
Despite these critiques, institutional acceptance of Bitcoin continues to grow. The SEC’s approval of spot Bitcoin ETFs has attracted major financial players, with products like BlackRock's iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund seeing strong investor interest. This growing adoption highlights the divide between traditional financial skepticism and the increasing mainstream integration of digital assets, signaling that Bitcoin’s role in the investment landscape remains hotly debated.