Five critics who shifted from anti-crypto to blockchain

Five prominent critics of cryptocurrencies — BlackRock CEO Larry Fink, JPMorgan CEO Jamie Dimon, gold advocate Peter Schiff, economist Nouriel Roubini and former President Donald Trump — have shifted from public criticism to supporting or launching blockchain-based products. Those products include spot Bitcoin exchange-traded funds, tokenized gold, bank-issued tokens and a token marketed as a Technodollar.

In 2017 Fink called Bitcoin an “index of money laundering.” By 2023 BlackRock defended its crypto strategy and has become a major provider of spot Bitcoin ETFs. Fink has written in favor of tokenization as a way to modernize financial services. Estimates put illicit activity in crypto at about $82 billion in 2025; the United Nations Office on Drugs and Crime estimates traditional money laundering at roughly $800 billion to $2 trillion a year.

Jamie Dimon has labeled Bitcoin a “fraud” and described some crypto investors as “stupid.” JPMorgan has built out its Onyx unit, introduced JPM Coin, tested links between bank systems and crypto wallets, and developed tokenized collateral platforms intended to move cash and securities more efficiently for institutional markets.

Peter Schiff, a long-standing advocate of gold who has warned of “greater fools” during Bitcoin rallies, launched T-Gold.com in December 2025. The platform lets customers buy physical gold and silver stored in segregated vaults and receive blockchain tokens that represent specific quantities of metal, with ownership recorded on a distributed ledger.

Nouriel Roubini published a whitepaper with Atlas Capital and announced USAFi, a token positioned as a regulated permissionless security that he calls a “Technodollar.” In materials accompanying the project he described it as “not a reversal” of his prior criticisms and said he remains skeptical of unbacked crypto assets whose value depends primarily on speculation.

Donald Trump previously described Bitcoin as “seems like a scam.” Since 2024 he has released nonfungible token drops, launched meme coins including one linked to his wife, and spoken against tougher regulation. Public reports indicate he has earned more than $2.3 billion from crypto-related activities since 2024.

The initiatives by these figures have produced spot Bitcoin ETFs managed by traditional asset managers, tokenized precious metals, bank-deployed stablecoins and tokenized collateral systems for securities settlement. Supporters say these products aim to operate within regulated frameworks. Critics point to risks such as speculation, governance failures and insufficient investor protections.