Sunday, 20 May, 2018

"'Put your money where your mouth is", Winklevoss twin tells Bill Gates

Lindsey Cook | 09 May, 2018, 00:47

"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.

The digital currency has had a roller coaster year so far.

"As an asset class, you're not producing anything and so you shouldn't expect it to go up".

Bitcoin had a few positive weeks, but this could all be about to change again, after the Berkshire Hathaway meeting, where some did not have very kind things to say about the number one cryptocurrency at all.

Early bitcoin investor Tyler Winklevoss tweeted back in invoice Gates to explain howto bet contrary to the cryptocurrency, immediately after the Micro-Soft co-founder said he would brief it whether he could.

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"When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along", stated Buffett.

Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general.

His tweet also tagged Berkshire Hathaway Warren Buffett, who - along with Gates, who sits on the company's board of directors - was in Omaha, Nebraska for the firm's annual shareholders meeting.

Though Bitcoin has been around for almost a decade, the cryptocurrency didn't really become a true mainstream phenomenon until late 2017 when the price of Bitcoin shot up from about $5,800 to almost $20,000 in the span of just four weeks.

Despite his negative opinions about bitcoin, Gates did admit that blockchain technology had its merit. The continued expectation of regulation is also believed to have prevented bitcoin crossing the US$10,000 mark. Clearly, there are now a number of easy ways to short Bitcoin and several other crypto enthusiasts have responded to Gates' comments as well. This is still good news for Bitcoin investors as this price is still an approximate 25% gain over the past month.

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