Warren Buffet Calls Bitcoin A Bubble!
Everyone knows Warren Buffet. He's an American investor, business magnate and philanthropist worth an estimated 80,6 billion USD!
During an annual Q&A session held in Omaha earlier this month, Buffet was asked about bitcoin by the attendees of the event.
"People get excited from big price movements, and Wall Street accommodates," he was quoted as saying. Describing bitcoin as a "real bubble," Buffett also criticized the idea of applying a value to bitcoin.
He told attendees:
"You can’t value bitcoin because it’s not a value-producing asset."
Buffet's comments came at a time where Bitcoin's value has been going up at a tremendous rate. As of today, bitcoin is worth 6166$ US.
Buffet is not the only billionaire bashing bitcoin! It was reported earlier this week that Saudi Prince Al-Waleed bin Talal expects bitcoin to collapse.
What do you think of the comments made by these powerful men?
In my opinion, I believe that the whole cryptocurrency market is so new and innovative that it is going to be challenging for a lot of people.
Also, I believe Buffet is wrong about Bitcoin creating no value. As of now, the cryptocurrency world turns around the solidity of bitcoin since most exchanges gives you altcoin in exchange of the value of your bitcoin.
A whole decentralised industry, from mining to trading, has been created around bitcoin. For that reason, I believe Bitcoin and the cryptocurrency world will only grow bigger with time.
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