- Ripple CEO Brad Garlinghouse recalled how the pillars of TradFi once viewed Bitcoin and crypto as “rat poison” and a “pet rock,” only to join the race as it became clear that digital assets were the next big evolution of global finance.
- He warned that without legislation backing crypto’s current progress, hostile regulators in the future could easily overturn such developments.
Brad Garlinghouse, CEO of Ripple, recently recalled the evolution of blockchain and digital assets over the years. In an interview with Maria Bartiromo, host of Mornings with Maria on Fox Business, he discussed how repulsive the gatekeepers of traditional finance (TradFi) were toward these disruptors, even referring to them as “rat poison” and “pet rock,” while dismissing their utility.
Bitcoin as “Rat Poison”
The late Charlie Munger was best known for his invaluable insights as Vice Chairman of Berkshire Hathaway. He served as Warren Buffett’s right-hand man, the company’s Chairman and former CEO.
Munger undoubtedly enjoyed great success in his career, amassing an estimated $2.6 billion in his lifetime. However, he was far from infallible, as he made the wrong call on Bitcoin when it began to gain mainstream attention.
In a 2013 interview with Fox Business, Munger called Bitcoin “rat poison” while it traded around $100. He doubled down on it five years later, as BTC’s price pivoted between $3,200 and nearly $18,000, slamming it as a “more expensive rat poison.” Buffett joined his pal in bashing Bitcoin that same year, calling it “rat poison squared.”
The veteran entrepreneurs argued that Bitcoin lacked intrinsic value and was a non-productive asset. Unlike stocks, they explained that BTC does not earn money or produce anything. Their consistently adversarial stance against cryptocurrencies eventually earned them the moniker “Bitcoin Enemy Number 1” from Peter Thiel, Co-Founder and former CEO of PayPal, and the wider crypto community.
Buffett maintained his rhetoric against Bitcoin and other digital assets even after Munger’s death. Ironically, Berkshire Hathaway’s disclosures revealed that it made significant profits from its investments in companies directly exposed to BTC or crypto, such as Nubank, a Brazilian neobank.
Bitcoin as a “Pet Rock”
Jamie Dimon, CEO of JPMorgan Chase, is another well-known critic of Bitcoin and cryptocurrencies. Echoing Buffett and Munger, he constantly questioned the premier digital asset’s real value.
Dimon infamously likened Bitcoin to a “pet rock.” A notable instance in which he called it as such was during an interview at Davos in January 2024, right after the first spot Bitcoin exchange-traded funds (ETFs) launched in the US.
Clearly exasperated by reporters hounding him occasionally about his thoughts on Bitcoin, he swore that it would be the last time he would talk about BTC on CNBC. He couldn’t keep his promise, though, as institutional support toward BTC has only grown over time.
Dimon has been a perfect example of an unwilling participant caught in a paradox. He still berates Bitcoin at every opportunity, even saying he would shut it down if he were the government because of its high volatility, as well as its alleged use in money laundering, tax evasion, circumventing sanctions, and other illegal activities.
Nonetheless, JPMorgan has been riding the trend as Bitcoin and crypto have already become too big to ignore. Regulatory progress has also boosted their adoption across TradFi.
To date, the banking giant has expanded its services to encompass several crypto-related offerings powered by the Canton Network (CC). These include leveraging blockchain to enable efficient transactions via the Kinexys platform, introducing the JPM Coin deposit token for programmable, real-time payments to institutional clients, and launching the MONY tokenized fund for private customers.
Moreover, JPMorgan is reportedly gearing up to launch its own crypto trading platform to address overwhelming customer demand. Despite Dimon’s reluctance, their company has evidently given its stamp of approval to crypto, recognizing that it’s the only way forward for its survival amid the rapid migration of finance into the digital realm.
A Reality Check From Ripple CEO Brad Garlinghouse
Garlinghouse highlighted how times have changed on the way to 2026. From being antagonists, some of the world’s biggest companies, including the strict gatekeepers of TradFi, are rewiring their systems on-chain.
Before, many of these entities questioned the intrinsic utility of blockchain and digital assets. Several mirrored Munger’s, Buffett’s, and Dimon’s “rat poison” and “pet rock” comparisons to discredit the industry. Now, the conversation has shifted to companies asking themselves which crypto or tokenized asset they will adopt to boost their capabilities and/or reinforce their treasuries.
“We’ve seen a shift in the perception of the industry from ‘rat poison’→‘pet rock’→rewiring the financial system,” said Garlinghouse. “Fast forward to today, and some of the biggest companies around the world are asking, ‘Are we using stablecoins and digital assets?’”
Furthermore, Garlinghouse emphasized that Ripple is successfully positioning itself amid the transition in the financial landscape. The company and its XRP Ledger (XRPL)-powered solutions are now plugging the gap dividing TradFi and on-chain finance. He claimed that their bets are “paying off.”
However, the Ripple boss warned that hostile regulators could nullify the crypto industry’s progress at any time without legislative backing. Hence, lawmakers must hardwire safeguards against the possible emergence of another anti-crypto regime, especially at the regulatory level, such as within the US Securities and Exchange Commission (SEC).
Crypto lawyer John Deaton agreed with the arguments Garlinghouse and Bartiromo raised, adding that digital assets are a necessary counterweight to banks’ predatory practices against regular consumers.
