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.
Speaking from Omaha, Nebraska, during Berkshire Hathaway's annual shareholders" meeting, Bill Gates called Bitcoin and other cryptocurrencies an investment that is subject to the "greater fool theory'.
Through the assembly itself, Buffett joked that "should you had purchased gold on the time of Christ and you work the compound charge on it, it is a couple tenths of a p.c".
"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.
Bitcoin's reach toward $10,000 over the weekend was once again cut short-falling to $9,300 on Monday.
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As Tyler has noted and explained in the tweet above, it is in fact "easy" to short Bitcoin. "To me, it's just dementia". Buffett said investors would instead be much better off investing in United States stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds. It's like somebody else is trading turds and you decide you can't be left out.
Munger has additionally referred to bitcoin as poison.
"What I do discover monumentally baffling is that two of the world's most profitable buyers can't see the intrinsic worth of some type of cryptocurrency", Nigel Inexperienced, CEO of monetary consulting agency deVere Group, wrote in a report early Monday.
The Microsoft founder considers digital currencies to be too risky for long-term commitments for private investors as well as for institutional ones.