Bill Gates and Warren Buffet Still Among Bitcoin's Harshest Critics

09 May, 2018, 00:42 | Author: Lora Ball
  • On Saturday tens of thousands of Berkshire Hathaway shareholders attended the annual Berkshire Hathaway shareholders meeting

At the same time, Bill Gates criticized Initial Coin Offerings (ICOs) saying that they are insane and 'speculative things.' ICOs allow start-ups and enterprises to crowd-fund their projects by issuing tokens.

Case in point: Warren Buffet and Bill Gates earlier today both lambasted Bitcoin during an interview with CNBC, with Buffett going so far as to call it "rat poison squared".

He told the journalists: "As an asset class, you're not producing anything and so you shouldn't expect it to go up". While Buffett's billionaire buddy Bill Gates probably won't be picking up an iPhone anytime soon, either, the Microsoft co-founder is also heaping a bit of praise on his one-time tech adversary.

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"I'm delighted to see them repurchasing shares", Buffett said, just two days after he revealed having bought 75 million additional Apple shares, and four days after Apple said it may repurchase $100 billion of stock. He went on to advise investors to invest in the stock market rather than gambling with Bitcoins or any other cryptocurrency. Clearly, there are now a number of easy ways to short Bitcoin and several other crypto enthusiasts have responded to Gates' comments as well. He also said that bitcoin is a "greater fool theory" kind of investment. He added someone once gave him some bitcoin for his birthday, but he sold it a few years afterward. "People like to speculate, they like to gamble". There's definitely a possibility that Bitcoin price will continue to climb to meet - and even exceed - the value that we saw at the end of 2017, but there's a near-equal possibility that it will crash and never recover.

Despite his negative opinions about bitcoin, Gates did admit that blockchain technology had its merit. And this year, after a significant decline the price still hasn't managed to reach the mark of $10,000.

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today.

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