And once again – Bitcoin is no more value-added thing in a view of Billionaire investor, Warren Buffett. Mr. Buffett, Berkshire Hathaway CEO had once called Bitcoin as ‘probably rat position squared’ – and he is again hitting headline criticizing the largest cryptocurrency of the crypto space.
Buffett Remains long-time critic of cryptocurrency
Trading with 0.20 percent growth today at press time and with value $3843 against USD, Bitcoin is still on the peak of coinmarketcap. Though every satoshi that turned Bitcoin’s value green on the graph, matters to the crypto enthusiast – it means nothing to Warren Buffett.
During the recent talk with CNBC’s Becky Quick, Mr. Buffett says ‘Bitcoin is a delusion basically’, he further adds, it simply ‘attracts charlatans’. In his words;
“If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
This is not the first time Buffett talks negative on Bitcoin – in fact, every comment on Bitcoin by Oracle of Omaha wouldn’t get unnoticed. When there was a bubble, he called Bitcoin probably rat poison squared, and most often he termed it as ‘a mirage, tulips, not a currency – and this time the term followed as ‘Delusion’.
It’s important to note that Buffett’s view on Bitcoin is pessimist while he is quite optimistic in Blockchain technology. He sees the underlying technology of Bitcoin, the blockchain is quite important – he didn’t see Blockchain’s success depends on cryptocurrency.
Very recently when Mr.Buffett talked about his net worth of $100 billion in cash and said ‘I can’t find anything to buy’, crypto geeks, especially the most influential figure in crypto space, Morgan Creek’s Anthony Pompliano mockingly suggested him to buy Bitcoin. Pomp’s suggestion was definitely sarcastic, knowing Mr.Buffett is the well-known Bitcoin hater. In a tweet, posted on Feb 22, 2019, Pomp said;
He should buy Bitcoin.
It has a better risk/reward profile than anything else he will see, it will reduce the overall risk of his portfolio, and it is likely to outperform every other investment he makes for next decade.
— Pomp 🌪 (@APompliano) February 22, 2019
What do you think of Buffett’s view? share your opinion with us.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com