Warren Buffett on Bitcoin: 'It's Probably Rat Poison Squared'

10 May, 2018, 14:27 | Author: Lora Ball
  • Bill Gates says he would short Bitcoin if he could find an easy way to do

"Cryptocurrencies will come to bad endings", Buffett said at Berkshire Hathaway's recent annual meeting.

After Buffett's and Gates' criticisms on bitcoin, prices of cryptocurrencies experienced a drop on Tuesday, Yahoo!

While some have predicted bitcoin to be a dark horse commodity for 2018, Warren Buffett has nothing positive to say about the cryptocurrency.

In his joint interview with legendary investor and CEO of Berkshire Hathaway Warren Buffett and the company's vice chairman Charlie Munger for CNBC, he expressed his view on the nature of Bitcoin and its future. "It's kind of a pure "greater fool theory" type of investment".

Green ended that Buffett and other elder statement of the investment universe should be open to a new, decentralized, digital, global currency.

In the CNBC interview, Gates said "As an asset class, you're not producing anything and so you shouldn't expect it to go up".

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On the subject of ICOs, he considers them to be speculations of a insane variety.

Berkshire Hathaway Vice Chairman, Charlie Munger echoed the comments of Buffett.

Following the collective comments, Bitcoin's value dropped almost 6 percent on Sunday and then another 2 percent today, to just over $9,300. Interestingly enough, some of the more vocal detractors of Bitcoin include some of the richest men in the world.

It's certainly possible, then that Warren Buffett and Bill Gates may be wrong on Bitcoin price - and we've seen already that the currencies can explode in value.

He added: "To me, it's just dementia. It is like anyone else is buying and selling turds and also you determine you possibly can't be disregarded". He affirmed that he "disagrees" with Buffett, and that tradition investors critical of the concept, do not seem to know that Bitcoin is a technology infrastructure rather than only a means of digital payment.

"If you look at Apple, I think it earns nearly twice as much as the second most-profitable company in the United States", Buffett told the cable network, calling it an "unbelievable company".

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