Warren Buffett and Bill Gates Reject Cryptocurrencies

11 May, 2018, 00:36 | Author: Pamela Mathis
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Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things".

Gates as well as many other critics of the cryptocurrency are very negative about the extreme volatility of the cryptocurrency market.

Bitcoin, which is getting closer to the $10,000 levels, fell 1.2 percent on the Bitfinex exchange, arriving at $9,431.6. What Buffett means is that if you purchase bitcoin, you will never be able to produce anything of value from it.

He classified this kind of investment as a "greater fool theory" investment.

In the same interview, Gates admitted that someone had given him Bitcoin for his birthday in the dim and distant past, but the multi-billionaire sold it after a couple of years.

Just one day after Berkshire Hathaway chairman and CEO Warren Buffett trashed bitcoin at the legendary firm's annual shareholders meeting in Omaha, Nebraska, vice chairman Charlie Munger unleashed a memorable rant of his own. Due to the recent price rise some investors may be more interested in holding their asset than transacting it for goods.

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"I like cryptocurrencies rather a lot lower than you do", Munger mentioned to Buffett.

"In terms of cryptocurrencies, generally, I can nearly say with certainty that they will come to a bad ending", Buffett was quoted by the CCN report. His latest comment qualifying Bitcoin of "rat poison squared", stopped the sustained uptrend Bitcoin has been going through since April 12 and caused it to plunge 7.8% in a pullback the last 48 hours.

Berkshire vice chairman and longtime Buffett confidant Charlie Munger was much more blunt. According to Munger: "Somebody else is trading turds, and then you decide I cat be left out". Many Wall Street big times, such as Jamie Dimon, the CEO of JPMorgan Chase dismiss cryptocurrencies as they are not traditional and see no room for them, but Bill Gates is surprising.

He added: "To me, it's just dementia".

Warren Buffett believes trying to timing the industry is really a waste of time and hazardous to investment success.

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