- Chamath Palihapitiya countered Warren Buffett’s recent offensive remarks on bitcoin.
- He claimed, “not everybody is right all the time.”
A self-proclaimed Buffett “disciple,” venture capitalist Chamath Palihapitiya, has opposed the recent derogatory statements of his supposedly master, billionaire Warren Buffett, on Bitcoin, by declaring that Bitcoin is “important.”
In April, Warren Buffett, the chairman and CEO of Berkshire Hathaway, claimed that Bitcoin is more of a gamble than an investment. And during a shareholders’ meeting last weekend, Warren said Bitcoin is “probably rat poison squared.” However, Chamath who called himself a Buffett “disciple” refuted this. Chamath claimed that Warren is wrong about Bitcoin:
“Not everybody is right all the time.”
He further suggested that knowledge about technology is not in Buffett’s “circle of competence.”
Chamath, who was a former Facebook and AOL executive, went on to push for Bitcoin’s benefits, stating that bitcoin is a replacement to gold and:
“Something like bitcoin is really important because it is not correlated to the rest of the market.”
While speaking about the financial crisis, Chamath stated that “things that we thought were hedges went away” and “broke down”. Bitcoin is viewed as giving a hedge to traditional finance by those who have owned the cryptocurrency, he added.
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