'A real bubble': Billionaire Warren Buffet doubles the doubt about Bitcoin
Multimillionaire investor Warren Buffet has joined those who believe that the Bitcoin market is in the territory of the bubble.
According to MarketWatch, Buffett touched on the issue during an annual question and answer session held in Omaha earlier this month. While Buffett focused on a variety of topics, he referred to the cryptocurrency market during his comments.
"People are excited by the big price movements, and Wall Street is accommodating," he said. Describing Bitcoin as a "real bubble", according to the publication, Buffett also criticized the idea of applying a value to Bitcoin.
He told the attendees :
"Bitcoin can not be valued because it is not an asset that produces value."
Buffett's comments came in the middle of a significant month for the price of Bitcoin, according to CoinDesk data. After fluctuating around US $ 4,300 in early October, the price rose to more than US $ 6,100 less than a week ago.
That Buffett took a tough stance on Bitcoin may not be surprising, given that, in 2014, he advocated for investors to stay away from Bitcoin altogether.
"It's basically a mirage," he said at the time.
Nor is Buffett the only observer of the market that emits observations on the recent developments of the market. Earlier this week, Saudi Prince Al-Waleed bin Talal said he expects Bitcoin to fail.
Others, however, have adopted a different approach. On October 24, the "Dean of Valuation" of the University of New York, Aswath Damodaran, argued that the bitcoin is a real currency and not a fraud in a new publication in a blog.
Source: CoinDesk
Uncle Warren is struggling with how the intrinsic values of BTC and other popular coins are calculated.
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