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Agustín Carstens
General Manager of BIS
Michael Gayed
Portfolio Manager
Finance
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They Weren't the Only Ones Wrong
“Bitcoin can collapse completely.”
— Agustín Carstens
$34,261at the time
“This is a speculative frenzy. Right now, this is a bubble. It's a cult. When you're in it, obviously you need more people to believe in it, because the price can only go up if other people buy in. In that sense it's a natural Ponzi scheme – a lot of it is just plain greed.”
— Peter Schiff
$4,350at the time
“Bitcoin has no unique value at all. It doesn't produce anything. You can stare at it all day and no little Bitcoins come out or anything like that. It's a delusion, basically.”
— Warren Buffett
$3,826at the time
“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and bitcoin does all three”
— Charlie Munger
$37,649at the time
“Bitcoin is a scam that will only end in tears.”
— Alex Brummer
$47,740at the time
“(...) Bitcoin is dead.”
— Rafi Farber
$61,322at the time
“It's an asset that's crazy.”
— Nassim Nicholas Taleb
$30,838at the time
“Bitcoin: The Emperor’s New Clothes”
— Keith Parkins
$382at the time
“Bitcoin is “fool’s gold and anybody buying it is ultimately a fool”
— Peter Schiff
$65,992at the time
“There will be a stampede for the exit, the price of bitcoin will drop to its intrinsic value – zero – and the system will collapse. The only question is when.”
— Kevin Dowd
$3,512at the time
“One of the signs that Bitcoin is dying is that hardly anyone actually uses the currency.”
— Robert Nielsen
$217at the time
“#Bitcoin, crypto, and blockchain will likely go down as the biggest example of popular delusions and the madness of crowds in world history.”
— Peter Schiff
$81,483at the time
“Bitcoin can collapse completely.”
— Agustín Carstens
$34,261at the time
“This is a speculative frenzy. Right now, this is a bubble. It's a cult. When you're in it, obviously you need more people to believe in it, because the price can only go up if other people buy in. In that sense it's a natural Ponzi scheme – a lot of it is just plain greed.”
— Peter Schiff
$4,350at the time
“Bitcoin has no unique value at all. It doesn't produce anything. You can stare at it all day and no little Bitcoins come out or anything like that. It's a delusion, basically.”
— Warren Buffett
$3,826at the time
“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and bitcoin does all three”
— Charlie Munger
$37,649at the time
“Bitcoin is a scam that will only end in tears.”
— Alex Brummer
$47,740at the time
“(...) Bitcoin is dead.”
— Rafi Farber
$61,322at the time
“It's an asset that's crazy.”
— Nassim Nicholas Taleb
$30,838at the time
“Bitcoin: The Emperor’s New Clothes”
— Keith Parkins
$382at the time
“Bitcoin is “fool’s gold and anybody buying it is ultimately a fool”
— Peter Schiff
$65,992at the time
“There will be a stampede for the exit, the price of bitcoin will drop to its intrinsic value – zero – and the system will collapse. The only question is when.”
— Kevin Dowd
$3,512at the time
“One of the signs that Bitcoin is dying is that hardly anyone actually uses the currency.”
— Robert Nielsen
$217at the time
“#Bitcoin, crypto, and blockchain will likely go down as the biggest example of popular delusions and the madness of crowds in world history.”
— Peter Schiff
$81,483at the time
“Bitcoin can collapse completely.”
— Agustín Carstens
$34,261at the time
“This is a speculative frenzy. Right now, this is a bubble. It's a cult. When you're in it, obviously you need more people to believe in it, because the price can only go up if other people buy in. In that sense it's a natural Ponzi scheme – a lot of it is just plain greed.”
— Peter Schiff
$4,350at the time
“Bitcoin has no unique value at all. It doesn't produce anything. You can stare at it all day and no little Bitcoins come out or anything like that. It's a delusion, basically.”
— Warren Buffett
$3,826at the time
“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and bitcoin does all three”
— Charlie Munger
$37,649at the time
“Bitcoin is a scam that will only end in tears.”
— Alex Brummer
$47,740at the time
“(...) Bitcoin is dead.”
— Rafi Farber
$61,322at the time
“It's an asset that's crazy.”
— Nassim Nicholas Taleb
$30,838at the time
“Bitcoin: The Emperor’s New Clothes”
— Keith Parkins
$382at the time
“Bitcoin is “fool’s gold and anybody buying it is ultimately a fool”
— Peter Schiff
$65,992at the time
“There will be a stampede for the exit, the price of bitcoin will drop to its intrinsic value – zero – and the system will collapse. The only question is when.”
— Kevin Dowd
$3,512at the time
“One of the signs that Bitcoin is dying is that hardly anyone actually uses the currency.”
— Robert Nielsen
$217at the time
“#Bitcoin, crypto, and blockchain will likely go down as the biggest example of popular delusions and the madness of crowds in world history.”
— Peter Schiff
$81,483at the time
“Bitcoin can collapse completely.”
— Agustín Carstens
$34,261at the time
“This is a speculative frenzy. Right now, this is a bubble. It's a cult. When you're in it, obviously you need more people to believe in it, because the price can only go up if other people buy in. In that sense it's a natural Ponzi scheme – a lot of it is just plain greed.”
— Peter Schiff
$4,350at the time
“Bitcoin has no unique value at all. It doesn't produce anything. You can stare at it all day and no little Bitcoins come out or anything like that. It's a delusion, basically.”
— Warren Buffett
$3,826at the time
“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and bitcoin does all three”
— Charlie Munger
$37,649at the time
“Bitcoin is a scam that will only end in tears.”
— Alex Brummer
$47,740at the time
“(...) Bitcoin is dead.”
— Rafi Farber
$61,322at the time
“It's an asset that's crazy.”
— Nassim Nicholas Taleb
$30,838at the time
“Bitcoin: The Emperor’s New Clothes”
— Keith Parkins
$382at the time
“Bitcoin is “fool’s gold and anybody buying it is ultimately a fool”
— Peter Schiff
$65,992at the time
“There will be a stampede for the exit, the price of bitcoin will drop to its intrinsic value – zero – and the system will collapse. The only question is when.”
— Kevin Dowd
$3,512at the time
“One of the signs that Bitcoin is dying is that hardly anyone actually uses the currency.”
— Robert Nielsen
$217at the time
“#Bitcoin, crypto, and blockchain will likely go down as the biggest example of popular delusions and the madness of crowds in world history.”
— Peter Schiff
$81,483at the time
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Michael Gayed (2026). Michael Gayed — Bitcoin Quotes & Wrong Predictions. Buttcoiners. Retrieved October 15, 2026, from https://buttcoiners.love/author/michael-gayed