Financial and political heavyweights who have strongly criticised bitcoin are increasingly moving directly into blockchain and digital asset businesses. An analysis says a clear trend is emerging in which they publicly maintain scepticism about cryptocurrencies while actively using tokenisation and blockchain technology in actual business.

On June 29 local time, blockchain outlet Cointelegraph cited BlackRock, JPMorgan, Peter Schiff, Nouriel Roubini and U.S. President Donald Trump as representative cases.

The most symbolic change is BlackRock CEO Larry Fink (래리 핑크). Fink criticised bitcoin in 2017 as an index of money laundering, but has since changed his stance and is actively supporting bitcoin and tokenisation. BlackRock now runs a U.S. spot bitcoin ETF and has become one of the main investment channels for institutional investors. He also recently stressed in a shareholder letter and an op-ed that asset tokenisation will fundamentally change the financial system.

JPMorgan CEO Jamie Dimon (제이미 다이먼) is still regarded as a leading bitcoin sceptic. He has described bitcoin in the past as a "fraud" and has repeatedly voiced negative views, including calling investors "stupid."

But JPMorgan has pursued a separate path. The bank has expanded its Onyx unit, launched JPMorgan Coin and continued to develop blockchain-based payments, a tokenised collateral platform and technology linking cryptocurrency wallets. It has effectively invested actively in digital asset infrastructure regardless of public remarks.

Peter Schiff (피터 시프), a leading gold bull, has also entered the blockchain business. Schiff has criticised bitcoin as a representative case of a bubble and the "greater fool theory," but launched the tokenised gold platform T-Gold.com in December last year. The service is designed to allow trading by issuing physical gold and silver as blockchain-based tokens. Cointelegraph analysed that Schiff chose a strategy of using blockchain technology while keeping the underlying asset as gold, rather than accepting cryptocurrencies.

Nouriel Roubini (누리엘 루비니), a prominent cryptocurrency critic, has also recently moved into the tokenisation market. Roubini has long criticised most cryptocurrencies as speculative assets, but recently announced a tokenised product, USAFi, jointly with Atlas Capital. He described it as a product to implement his proposed concept of a "techno-dollar."

Roubini drew a line that this business does not mean he has changed his existing stance. He said he remains sceptical about uncollateralised cryptocurrencies and pointed to problems that most cryptocurrencies carry, including excessive speculation, weak governance, conflicts of interest and insufficient investor protection.

Trump was also cited as a representative case. He previously criticised bitcoin as something that could threaten the dollar's hegemony, but later called himself the "crypto president" and is actively supporting the digital asset industry.

He issued non-fungible tokens and also launched memecoins using his and his spouse's names. The outlet said Trump is estimated to have earned more than about $2.3 billion through various cryptocurrency businesses since 2024.

Cointelegraph analysed that all of these cases point in the same direction, but their approaches differ. BlackRock accepted bitcoin and tokenisation as an extension of traditional finance, while JPMorgan and Roubini broadened their steps into digital asset infrastructure and tokenised products while maintaining a critical stance. Schiff used blockchain as distribution infrastructure for gold, and Trump used cryptocurrencies in both politics and business.

Cointelegraph said cases are increasing in which even people who have publicly criticised cryptocurrencies use blockchain and digital assets in actual business. It analysed that it remains to be seen whether the change reflects a genuine shift in perception or a strategy aimed at new market opportunities.