Buffett bashes bitcoin, gushes over Apple

10 May, 2018, 14:26 | Author: Salvatore Jensen
  • Bill Gates said he'd short Bitcoin if he could.                  Jack Taylor  Getty Images

When asked by another attendee about the cryptocurrency craze, Buffett admits that these digitalized coins will "come to bad endings".

Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things". For a day, the value of "digital gold" fell by 9% after a sharp statement by the head of Microsoft on CNBC to bitcoin.

While some have predicted bitcoin to be a dark horse commodity for 2018, Warren Buffett has nothing positive to say about the cryptocurrency.

Most recently, during the Berkshire Hathaway shareholder annual meeting on Saturday, May 5 Buffett seemed not to shift positions when it comes to investing in the asset. But he overlooks the fact that most of the drugs for the longest times have been moved using fiat currencies. Bitcoin is viewed as providing a hedge to traditional finance by those who have owned the digital currency, he said.

"It's buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else, will grow".

Gates dismissed bitcoin as an asset class saying it does not support any real production activity and as such, there was no reason why it should be expected to increase in value.

I agree I would short it if there was an easy way to do it...

Following the collective comments, Bitcoin's value dropped almost 6 percent on Sunday and then another 2 percent today, to just over $9,300.

Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple, the billionaire said Thursday. "To me, it's just dementia".

Shorting is a method of trade where you bet against the market going down and make profits on the inverse of trends. Buffet called Bitcoin as "rat poison squared" and Munger said Trading Cryptocurrency is like trading turds.

"What I do discover monumentally baffling is that two of the world's most profitable buyers can't see the intrinsic worth of some type of cryptocurrency", Nigel Inexperienced, CEO of monetary consulting agency deVere Group, wrote in a report early Monday.



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