Forex News 24
  • RSS

news

Buffett, Munger And Gates Slam Bitcoin Again

Buffett, Munger And Gates Slam Bitcoin Again
админ
08/05/2018

750f28bd6153576e75285b22eca9b3df - Buffett, Munger And Gates Slam Bitcoin Again

Billionaire investor and Berkshire Hathaway CEO Warren Buffett, his confidant Charlie Munger and Microsoft co-founder Bill Gates damped the recent rally in cryptocurrencies with their renewed criticism.

At the Berkshire annual shareholder meeting on Saturday, Buffett said that Bitcoin was “probably rat poison squared.”

“It’s buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else will grow,” he said on CNBC’s Squawk Box on Monday.

Bitcoin has been rallying since the start of May and reached near $10,000 on Friday. However on Monday, the top cryptocurrency by market cap was trending lower along with its peers.

As of 7.26 am ET on Tuesday, Bitcoin was down 1.13 percent at $9,219 on Coinbase.

The Oracle of Omaha said Bitcoin was a nonproductive asset as it creates nothing. In other words, he meant cryptocurrencies do not have intrinsic value. You are simply counting on whether the next person is interested in paying you more, he said.

“If you go back to the time of Christ, and you look at how many hours we had to give up in order to buy an ounce of gold and you take it forward to now, you’ll find the compound rate may be a tenth or two-tenths of 1 percent, … but it doesn’t produce anything,” Buffett said.

During the Berkshire meeting, Buffett said all cryptocurrencies are set to have “bad endings,” reiterating his remark from January.

“It’s something where people who are of less-than-stellar character see an opportunity to clip people who were trying to get rich because their neighbor’s getting rich buying this stuff neither one of them understands,” the famous investor said during the meeting. “It will come to a bad ending.”

Putting money on Bitcoin is only a gamble, not investing, he told Yahoo Finance in an interview at the start of this month.

Buffett has been a longtime critic of Bitcoin and cryptocurrencies. Back in 2014, Buffett had told CNBC that Bitcoin and its peers were a mirage and it was a joke that they had some huge intrinsic value.

In January, he said, “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.”

At the Berkshire meeting, Vice Chairman Munger said cryptocurrencies were “just dementia”.

“And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting. It’s like somebody else is trading turds and you decide, ‘I can’t be left out,” he added.

In an interview to Yahoo Finance after the meeting, Munger said the whole cryptocurrency business was “anti-social, stupid, immoral…” and “the people pushing it are a disgrace”.

Meanwhile, Munger was positive on the blockchain distributed ledger technology underlying Bitcoin.

“They’ve actually created a product that’s hard to create more of, but not impossible. Now that is very peculiar. But they’ve managed to do it,” he told Yahoo Finance.

Speaking on the CNBC Squawk Box on Monday, Munger said, “Bitcoin is worthless, artificial gold.”

On the same show, Microsoft’s Bill Gates said Bitcoin was “kind of a pure ‘greater fool theory’ type of investment” and “completely crazier, speculative.”

“I agree I would short it if there was an easy way to do it,” he added.

by Jyotsna V

Source

Related ItemsBerkshire HathawayBitcoinCharlie MungercryptocurrencygoldinvestormarketratetradingWarren Buffett

Leave a Reply

Cancel reply

Your email address will not be published. Required fields are marked *

Anti-spam: complete the taskWordPress CAPTCHA


news
08/05/2018
админ
Related ItemsBerkshire HathawayBitcoinCharlie MungercryptocurrencygoldinvestormarketratetradingWarren Buffett

More in news

273116ff712463a8fe797bc26d4bddd2 400x240 - Major policy change for the FED

Major policy change for the FED

админ30/08/2020
Read More
5ecd652efa96beb5e9daab8a81713e20 400x240 - Powell expected to preview Fed’s policy framework

Powell expected to preview Fed’s policy framework

админ27/08/2020
Read More
1cfd53e4dc84605be8f34b32e1fc08ff 400x208 - European markets look defensive

European markets look defensive

админ26/08/2020
Read More
Scroll for more
Tap

Last news

  • 273116ff712463a8fe797bc26d4bddd2 95x60 - Major policy change for the FED
    Major policy change for the FED
    news30/08/2020
  • 5ecd652efa96beb5e9daab8a81713e20 95x60 - Powell expected to preview Fed’s policy framework
    Powell expected to preview Fed’s policy framework
    news27/08/2020
  • 1cfd53e4dc84605be8f34b32e1fc08ff 95x60 - European markets look defensive
    European markets look defensive
    news26/08/2020
  • cbda506728f805be55e3597fd478b623 95x60 - Another record-setting session for U.S. stocks futures
    Another record-setting session for U.S. stocks futures
    news25/08/2020
  • 3c51d052540d35f9b8497fc0b1942d58 95x60 - $50M worth of cryptos or more left China
    $50M worth of cryptos or more left China
    news23/08/2020

Tags

american Asia Bitcoin China cryptocurrency currency Dollar dollar index economic Economists EUR euro Fed Federal Reserve forex futures GBP GDP Germany Index inflation interest rate interest rates Japan losses lost market markets monetary policy Oil price prices rate rates retail rise risk sales trade trade war trading Trump UK United States US

Copyright © 2019 Forex News 24, all rights reserved.

Cryptocurrency Daily Roundup – May 8
German Industrial Output, Exports Rebound In March