Well, the bitcoin community certainly isn’t going to like this.
Speaking at the Berkshire Hathaway 2018 annual shareholder meeting billionaire Warren Buffett compared the peer-to-peer decentralized virtual currency to “rat poison.” Buffett said to reporters that the cryptocurrency is “probably rat poison squared.”
Berkshire Hathaway’s vice chairman Charlie Munger also provided his thoughts on the digital currency, stating that cryptocurrency trading is “just dementia.”
The “Oracle of Omaha” later told CNBC on Monday:
“[Bitcoin] itself is creating nothing. 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.”
This comes days after Buffett explained bitcoin is a source of gambling, which isn’t investing.
“If you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more. If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing,” he said.
You can add Buffett’s name to the bitcoin community’s enemies list.
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