Warren Buffet and Charlie Munger Continue their Insults Against Bitcoin
Negativity against Bitcoin
Berkshire Chairman and CEO Warren Buffet continued with his negative stance about digital currencies at the annual meeting of his Company yesterday May 5th. The Billionaire investor repeated his idea that digital currencies would come to a very bad ending saying that Bitcoin is like squared rat poison.
Buffet who was responding to a question raised by an attendee from Ukraine continued to make his anti-cryptocurrency statements. The Oracle of Omaha believes that Bitcoin is not a productive asset like the well-known assets like land or even corporate shares. Buffets believes that Bitcoin is driven by only one factor which people’s demand therefore thus making the digital currency a handy tool for Charlatans.
Warren Buffet is adamant that the crypto market will end in a very bad way after the euphoria wears off. His sentiments were echoed by the Vice Chairman of Berkshire Hathaway Charlie Munger. According to Munger: “Somebody else is trading turds, and then you decide I cat be left out.” Munger had made similar remarks in February calling Bitcoin a total asinine arguing that many people get involved in cryptocurrency because they want easy money.
Warren Buffet, an 87-year-old investor, is well known for his skepticism towards digital currencies with many crypto investors arguing that he is too old to understand the crypto market. He has been making repeated remarks saying that Bitcoin is neither a way of investing nor a currency. At one time in October 2017, the billionaire said the Bitcoin had entered the bubble territory and that it was going to implode.
There are many institutional players who are however very enthusiastic about Bitcoin and the genera cryptocurrency market. A good example is banking giant Goldman Sachs who recently launched a Bitcoin operation after establishing that Bitcoin was not a fraud. There are other Banks which have been involved. It has been rumored that Barclays Bank is planning to open a Bitcoin trading desk.