Bitcoin [BTC] is crudely hated by Berkshire Hathaway CEO, Warren Buffet
Bitcoin [BTC], the most popular one among all the cryptocurrencies and holding the top-most position, is always making news. In some way or the other, this digital currency tend to be in the headlines of the crypto news. The CEO of Berkshire Hathaway, Warren Buffet after making consecutive remarks on Bitcoin [BTC] again hits it hard. According to a previous report by BCFocus, Ex-President of Goldman Sachs expressed his opinion disregarding Bitcoin [BTC] as global cryptocurrency in the upcoming times.
Warren Buffet’s remarks on Bitcoin [BTC]
In the previous month, Buffet became really harsh on Bitcoin [BTC] and called it “rat poison squared“. However, it has been five years now, since 2013 that he maintained his averse outlook towards this virtual currency. Previously, Buffet has described Bitcoin [BTC] as a “mirage”, “tulips” and considered it “not a currency.”
In the present times, Bitcoin [BTC] price valuation is immensely unstable and in a completely fluctuating trajectory. The price has witnessed a depreciation by nearly 70% from its peak and in 2018, itself Bitcoin [BTC] valuation steeply declined exceeding 50%. Warren Buffet back in 2013 begun expressing his scepticism regarding the viability of Bitcoin [BTC].
When Bitcoin [BTC] was traded at around $130, Buffet made a remark stating, “Of our $49 billion, we haven’t moved any to Bitcoin [BTC].” He opposed the concept of Bitcoin [BTC] to such an extent that he did not find it a reliable enough to carry out exchange. He also did not bother to consider it an appropriate value storage space.
Dubious about its sustainability, Buffet at the annual shareholder conference in 2014 commented, “I would not be surprised if it’s not around in 10 or 20 years.” He further went on to say, “It’s not a currency, it does not meet the test of a currency.”
Bitcoin [BTC] was termed by him as the phenomenon of “Buck Rogers“. He expressed his views about the people stating that they purchase and sell it off with the perception that they would either increase or decrease. He compared that the incident was “just like they did with tulip bulbs.”
Then again at the Squawk Box, Buffet again attacked Bitcoin [BTC] by calling it a “mirage.” He declared a statement of precaution saying, “Stay away from it. It’s a mirage, basically.” He also commented, “The idea that it has some huge intrinsic value is just a joke in my view.”
The remarks of Buffet align with other prominent personalities like Bill Gates and Jamie Dimon from the field of business. The reputed economists namely Robert Shiller and Nouriel Roubini along with fund managers called Howard Marks and Ray Dalio have echoed at the same note. According to Buffet, “In terms of cryptocurrencies, I can say almost with certainty they will come to a bad ending.” However, Buffett just added on saying, “When it happens or how I don’t know.”
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