The 'Oracle of Omaha' and the most successful Stock Investor, Mr. Warren Buffet has again slammed Bitcoin for its 'non-productive' and speculative price levels.
Warren Buffet is the CEO of Berkshire Hathaway, a conglomerate and holding company of various International Brands like Pepsico, General Motors. Warren is famous for his 'value-investing' approach while making investment in international companies.
A few months back, Warren delivered a statement where he slammed Bitcoin and other cryptocurrencies by calling that they'll face a bad ending. But this time again, Warren Buffet delivered some anti-crypto statements for Bitcoin. In the Annual Meeting of his company, On 5th May, Warren claimed that Bitcoin is "probably rat poison squared,".
According to Warren Buffet, Bitcoin is not a 'productive' asset and its price is only depends on the other person's ability to pay for it. Unlike Land or stocks, Bitcoin price is determined by the investor's demand, which can be highly speculative at many times.
The Billionaire investor claimed that Cryptocurrencies will be in for 'bad-ending' after the euphoria wears off.
Also, Charlie Munger slammed Bitcoin too by delivering the following sentence:
"Someone else is trading turds and you decide I can't be left out."
In February, Munger called Bitcoin 'totally asinine' and only reason why people buying Bitcoin is because they want easy money and don't want to be left out from it.
Although, the increasing price of Bitcoin these days tells the story otherwise. People have again started investing in Bitcoin as the price of BTC keeps increasing everyday and currently holding $9700 price tag.
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