Warren Buffett Wrong About Bitcoin - I'm Not Surprised
Throughout my journey into investing from when I started trading stocks on Robinhood all the way to current time where I'm focusing on Crypto and Business Building as my means of wealth building, friends/friends of friends/family/friends of family have all given me advice quoting Warren Buffett. Warren Buffett, to most, is synonymous with success in trading, specifically stock trading. To be honest though, I've never really liked his advice.
His advice is often good for the LONG TERM INVESTOR, but that has never been me. I'm 27 and have been learning/trading since I was 26. My goal is SHORT TO MEDIUM TERM wealth building, which, although a lot harder and riskier, is obviously more rewarding if you succeed. I want to retire young; I am not fulfilled by a 9-5 job. I need one and am eager and happy about the one I have to the degree I can be, but I believe that at their very core, most 9-5 jobs drain the soul and life force of the people who have them. I don't want to work until I'm 65. The prospect of that makes me cringe and has scared me into aggressively pursuing short to mid-term wealth generation.
Warren Buffett's advice just does not serve me because of this. Like I said, he has good ideas for the safe, long term investor, but when you start out dirt-poor, long term wealth building is A LOT LONGER TERM! I want short to medium term wealth, and so I have pursued a different market and focused on building of assets. That being said, it truly doesn't surprise me that Warren Buffett thought that Bitcoin and cryptocurrencies would fail and were a 'mirage' (https://www.cnbc.com/2017/09/07/bitcoin-up-sevenfold-since-warren-buffett-warned-digital-currency-was-a-mirage.html ).
I think he thought this for two reasons:
- He is not a child of the internet era and doesn't have as firm an understanding of just how powerful these can and will be. I get the impression that he doesn't really 'get' cryptocurrency and maybe he never will (I hope he does, for his sake though).
- He is failing to realize just how much of a problem young people have considered central banking and just how oppressed they feel by it (this doesn't even begin to scratch the surface as to what this has caused - each ICO is a mini-fed essentially, arguably with more utility than the regular fed, and the increase in ICOs is essentially young people saying 'fuck you, we'll print our own money because we're more just' - more articles to come regarding this). Additionally, young people fear collapse and older people do too, having seen what we've recently seen.
These reasons are likely why Mr. Buffett, although aware of finance and a great long-term investor, has been wrong thus far and I would wager he will continue to be wrong regarding cryptocurrency and the blockchain. A new generation has begun and it will continue to the point that it becomes foundational in our economy, in our every day lives, and a cornerstone of the internet and world.
Nice to read biddle! I think you're spot on.
Thanks! Thanks for reading! :)
Smashing article cheers
Thanks! Cheers to you too! :D
Well wrote I started just like you into investing and block chain in general, but no I'm not surprised too see an older person not see the value of somthing that they have thrived without for so long
For sure! and thanks! :)
As you said, Warren Buffet comes from a generation which believed in the Government and most of his wealth is governed by tye rules of the land. He will not risk his entire business just to support Bitcoin, he will never want to be bad in the eyes of the Government.
Well said! Exactly!
I didn't even mention the fact that he is part of their 'team', so thank you for adding that! :)
Yes, and his entire business strategy depends upon tye assests that the company owns. Bitcoin and crypto currencies do not give him that insurance.
Amazing, Thanks for Sharing.
Thanks! Happy to! Thanks for reading! :)
Mr. Buffett is also the root of the way of thinking about investment. However, one speaks to the cryptographic currency, including BTC, that he believes it is wrong as mentioned in this article. Excellent performance over existing currencies is a big advantage, I think that one will migrate.
I translate it using English translation software. I would be pleased if you could point out if there is a wrong expression.
Thanks for sharing my friend! :) I agree that his opinion will probably eventually change, but it will take a shift in the mainstream to adoption of crypto! :)
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Thanks, per usual! :)
An old guy like Warren Buffett has no need for a bitcoin. He's got senators in his back pocket and friends in the White House. Why would even mess around with something so trivial. If you wanted to he could buy 10 supercomputers that with mine all the existing bit coins in less than a week. And then what do you do?
Good point good point. I am definitely fearful of who is behind the mega-mining operations that occur in China and other places. He is a super whale and can single-handedly affect change if he utilizes his influence effectively!
Warren buffett @biddle
Thanks for reading!
Yes. I have always listened to Mr. Buffett and yes he is wrong this time and I'm glad he is. Thanks for sharing a very sincere point of view.
Thanks for reading! :) and you're very welcome! :) and I'm glad you've had success in the past using his methods and good call on not following him on the BTC prediction!