Warren Buffett reiterates negative stance on Bitcoin
At the yearly meeting of his company Saturday, 5th of May, Billionaire investor and Berkshire Hathaway’s Chairman and CEO Warren Buffett reemphasized his contrary position towards cryptocurrencies.
According to CNBC, Buffet reiterated his idea that the concept of digital currencies would have nothing but a “bad ending,” and insisted that Bitcoin is “apparently rat poison squared.”
The “Oracle of Omaha” made yet another anti-cryptocurrency statement while responding to a question on his view of digital currencies raised by an attendee from Ukraine. Buffet insisted that unlike land or corporate shares, Bitcoin is not a “productive” asset.
Therefore, investors’ demand for it is the only price-determining factor, making the cryptocurrency a handy tool for “fraudsters,” Buffet stated.
The 87-year-old maintained that cryptocurrency community has an inevitable “bad ending” after the “euphoria fades off.”
Charlie Munger, the Vice Chairman of Berkshire Hathaway, reverberated Buffet’s criticism of digital currency investment.
Earlier this year, Munger referred to Bitcoin as “completely asinine” and stated that people venture in cryptocurrency, “because everybody wants to make money easily.”
Warren Buffet, a billionaire investor, is known for his skepticism towards digital currencies.
Buffet has incessantly made statements declaring that Bitcoin is neither a currency nor a reliable investment method.
Last year, Buffet declared that Bitcoin had started the “bubble phase,” and is “going to burst.”
On the other hand, some institutional investors, are much more excited about Bitcoin. For instance, the banking giant Goldman Sachs has started a Bitcoin trading operation earlier this week, stating that Bitcoin “is not a scam.”