Bitcoin has faced ongoing criticism from various figures in economics and finance, including prominent naysayers as it reached a price milestone of $100,000 in December 2024. Despite the cryptocurrency’s upward trend, critics like Peter Schiff continue to voice skepticism, labeling Bitcoin as a potential threat to the dollar. Paul Krugman, a Nobel Prize-winning economist, has characterized crypto as a tool for crime, reinforcing negative perceptions surrounding digital currencies. Additionally, European Central Bank officials argued that Bitcoin has not succeeded as a decentralized digital currency and criticized its use in illicit activities. JPMorgan CEO Jamie Dimon remains dismissive of Bitcoin, referring to it as a 'pet rock.' Meanwhile, Rafi Farber suggests that investing in Bitcoin contributes to U.S. inflation rather than being a stable monetary alternative. These critics highlight persistent doubts about Bitcoin’s legitimacy and future, despite its record-breaking achievements.

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