While his statement was factually inaccurate, as Bitcoin is the most transparent financial network in existence due to its decentralized blockchain network, it is optimistic to see investors acknowledge their lack of knowledge in Bitcoin, rather than simply calling out Bitcoin as a "bubble" or a "fraud," as figures such as JPMorgan CEO Jamie Dimon did in the past.
Shilling Doesn't Want to Invest in Bitcoin Because he Doesn't Understand It
Over the past 12 months, the viewpoints of analysts and billionaire investors such as Mark Cuban, Peter Schiff, and Gary Shilling have changed drastically. Cuban, who had consistently described Bitcoin as a bubble, inevitably invested in Bitcoin through a Swedish Bitcoin exchange-traded note (ETN) known as XBT provider. SchiffGold, the company of Peter Schiff that is overseen by GoldMoney, integrated Bitcoin for its clients.
In a recent interview with Business Insider, Shilling admitted that he does not understand the technical intricacies and the fundamental concept of Bitcoin. Shilling said:
"I recently met a friend of mine, a West Coast venture capitalist. He was very early on this [Bitcoin]. He's made a lot of money on this and so on. I cornered him at a cocktail party and I said 'Now listen, I want you to explain to me what this really is.' I'm just very suspicious of things that are not transparent. If i can't understand it, I don't want to invest in it."