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RE: Billionaire Buffett Calls Bitcoin A Bubble Ignoring The Largest Equity and Debt Bubbles In History
You have to go easy on old guys like Buffet. They are anti cryptocurrency because they just don't understand it. If you talk to them and explain that the same way that old style Telecom's have lost out as Voice Over IP eroded their business model and the same will happen to the Banks as the Blockchain makes Money Over IP the defacto standard.
Agreed. I don’t think Buffet has an agenda, rather just doesn’t understand. If you explain how most pre internet business models have been disrupted by the internet(Amazon, right move, airBnB etc) then this may help him understand. Uber is another good example of traditional business models being disrupted. Bitcoin is not worth something because it has intrinsic value etc but because of its network effect and it’s ability to disrupt existing business models.
Buffet has always invested in businesses he can understand like industrials, insuarance, etc. He has stated as much, he has stayed away from a majority of internet companies because it is something he does not understand. During the dot com bubble he was down 44% while the Nasdaq was up 150%. It is the same way he looks at cryptocurrencies