Billionaire Investor Warren Buffet Criticises Prefers Stocks Over Bitcoin

09 May, 2018, 00:46 | Author: Salvatore Jensen
  • Entrepeneurs Tyler and Cameron Winklevoss arrive at the Metropolitan Museum of Art Costume Institute Gala to celebrate the opening

In the midst of the mostly grossly worded slew of insults that the institutionally rich lobbed at the bitcoin crowd over the weekend, Bill Gates may have landed the furthest from the mark.

He told the journalists: "As an asset class, you're not producing anything and so you shouldn't expect it to go up".

"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. "People like to speculate, they like to gamble". "It's kind of a pure "greater fool theory" type investment", Gates said.

As Tyler has noted and explained in the tweet above, it is in fact "easy" to short Bitcoin.

By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value.




In the same interview, Gates admitted that someone had given him Bitcoin for his birthday in the dim and distant past, but the multi-billionaire sold it after a couple of years. In 2017 the price of one Bitcoin skyrocketed from $2,000 to $19,000 by the end of the year.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value.

Warren Buffett is not in favor of investing in bitcoin and isn't holding his thoughts back.

He also responded to a question from the audience by saying that bitcoin and other cryptocurrencies "will come to bad endings". The old-school duo called Bitcoin "rat poison" and "turd" earlier during the event.

Legendary investor Warren Buffett's portfolio won't be scooping up shares of insurers that underwrite cyber insurance. Bitcoin futures, as the name implies, allow investors to place bets on the future price of the flagship cryptocurrency through online brokerage firms such as Interactive Brokers or TD Ameritrade. The recent decline in the value of bitcoin was the first decline in prices in over four days.

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