Berkshire Hathaway CEO Warren Buffett mocks Bitcoin

CNBC reported on the 4th of May that the renowned investor Warren Buffett (Berkshire Hathaway CEO) has again mocked Bitcoin for its purported lack of real value, comparing the coin to a seashell that “just sits there.”

Warren Buffett made use of the latest cryptocurrency metaphor during a press meeting ahead of the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska.

Warren Buffett, who serves as chairman of the $248 billion revenue multinational holding conglomerate Berkshire Hathaway-known for his criticism towards cryptocurrencies, memorably characterizing Bitcoin as “probably rat poison squared” during last year’s shareholders’ meeting.

In his latest remarks, Warren Buffet stated: “it does do not do anything. It just sits there. It is like a seashell or something, and is not an investment to me.”

To further explain his view, Warren Buffet stated:

“I will tear off a button here. What I will have here is a little token…I’ll Offer it to you for $1000, and I will see if I can get the price up to $2000 by the end of the day…However, the button has one use, and it is a minimal use.”

Warren Buffett did offer positive remarks towards Blockchain Technology, he reportedly acknowledged its promise, stating that:

“Blockchain is huge, but it did not need Bitcoin. J.P. Morgan, of course, came out with their cryptocurrency.”

In a further report, Bloomberg cites Buffett saying that the speculative fervor of Bitcoin reminded him of watching gamblers in Vegas. Buffett also expressed that the speculation of Bitcoins potential reassures him that he can make a profit in a society where people continue to speculate despite knowing they are likely to lose.

Buffets vice chairman Charlie Munger backs the claims made by Buffett, dismissing the bitcoin market and purported FOMO that drives it as being akin to trading turds, their self-proclaimed disciple Chamath Palihapitiya has disparaged their hardline stance.

In May 2018 Chamath Palihapitiya(The founder and CEO of VC firm social capital Palihapitiya), argued that both Buffett and Munger are mistaken in their aversion of the cryptocurrency innovation, stating about Buffett “technology is not in their field of competence.”

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