Here's what billionaires think about bitcoin

From Wall Street bankers to street vendors, cryptocurrencies have become the hottest topic of discussion these days and no one seems to be getting enough of them.

While some analysts have already signaled that there is no way to value bitcoin, the price of the world's biggest cryptocurrency now seem to be driven more by human psychology than its intrinsic value.

Let's take a look at what some of the most successful investors and billionaires think about it:

J.P. Morgan Chase CEO Jamie Dimon

Dimon has been an extreme critic of bitcoin till date.

"Bitcoin will eventually blow up. It's a fraud. It's worse than tulip bulbs and won't end well,"

He also said he would fire any trader trading bitcoin for being "stupid."

The Harvard-educated Dimon, however, regretted later for his comments and said that he believed that blockchain, or distributed-ledger technology behind cryptocurrencies, is "real".

"I'm not interested that much in the subject at all," he said.

Warren Buffett, CEO of Berkshire Hathaway

The Oracle of Omaha has expressed his skepticism over the price of bitcoins, calling them a "a real bubble".

"Stay away from it. It's a mirage, basically. It's a method of transmitting money. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?," he said in 2014.

Later on in October 2017, Buffett said: "You can't value bitcoin because it's not a value-producing asset," he said. He added that there's no telling how far bitcoin's price will go and described it as a "real bubble in that sort of thing."

Billionaire philanthropist Bill Gates

Gates has also joined the ranks of those who believe the market for bitcoin is not a "good thing."

"The main feature of cryptocurrencies is their anonymity. I don't think this is a good thing," he said.

He also railed against cryptocurrencies for anonymous payments that help illegal drug trade deals.

"The government's ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way."

Goldman Sachs CEO Lloyd Blankfein

Blankfein seemed pretty confident about the fact that bitcoin isn't his cup of tea.

"Bitcoin is not for me. A lot of things that have not been for me in the past 20 years have worked out... but I am not guessing that this will work out."

"I don't like [bitcoin], I'm not comfortable with it, I don't trust it," he said. "On the other hand, if it works... maybe that was a natural progression from hard money to fiat money to consensus money."

Morgan Stanley CEO James Gorman

Gorman calls cryptocurrency trend a mere "fad".

"I haven't invested in it. I've talked to a lot of people who have. It's obviously highly speculative but it's not something that's inherently bad. It's a natural consequence of the whole blockchain technology."

Billionaire Ray Dalio

Dalio, founder of one of the biggest hedge funds in the world said "Bitcoin is a bubble... It's speculative people, thinking they can sell it at a higher price...and so, it's a bubble."

Billionaire Jerry Yang, founder of Yahoo

"Bitcoin as a digital currency is not quite there yet. I personally am a believer that digital currency can play a role in our society, but for now it seems to be driven by the hype of investing and getting a return, as opposed to transactions."