Thursday, 19 July, 2018

Warren Buffett: Bitcoin is "Rat Poison Squared"

Bill Gates says he would short Bitcoin if he could find an easy way to do Bill Gates would bet against Bitcoin
Lindsey Cook | 10 May, 2018, 14:25

Vice President at Berkshire Hathaway, Charlie Munger, was first to lay into Bitcoin. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth".

"And the fact that it's clever computer science doesn't mean that it should be widely used and that respectable people should encourage other people to speculate on it", he said.

Commenting on the Squawk Box segment of the Bitcoin network in February, Bill Gates stated that the crypto currencies were cause for direct deaths, but nevertheless did not cut the ties completely with the cryptocurrency.

Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett's recent derogatory statements on bitcoin, stating that the cryptocurrency is "important".

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

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"As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure "greater fool theory" type of investment", Gates commented. So in November 2014, he called bitcoin the most innovative solution in the Internet payment market.

Munger, who owns $1.4 billion in Berkshire stock, said his family has made substantial investments in China starting about 14 years ago. At a time when Bitcoins and other cryptocurrencies have witnessed a gradual decline after last year's high, Buffett suggested that buyers of Bitcoin "thrive on hope" that they will find other people who pay more for it.

He has previously referred to bitcoin as a bubble and not an investment. It should be noted that Bill Gates has already changed his attitude to crypto-currencies several times.

Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple, the billionaire said Thursday. After the shares collapsed about a third of their value, they started bouncing back and Buffett immediately sold his shares thus earning a small profit. It's still the most valuable cryptocurrency out there, though the dip in value further underscores the volatility of digital coins.

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