Barry Silbert Calls out Warren Buffett’s Serial Fraudery as Billionaire Investor Attacks Bitcoin Again
Doubling Down on Bitcoin Criticism
Billionaire investor, Warren Buffett is yet again on a rant as he said that he sees “no unique value” in the world’s leading cryptocurrency while calling it a delusion. In an interview with CNBC’s Becky Quick, Buffett said,
“Bitcoin has no unique value at all. It is a delusion, basically.”
The leading cryptocurrency might have lost over 80 percent of its value from its all-time high from December 2017 at $20,000 but the fundamentals haven't been stronger combined with the involvement of institutional investors.
This is not the first time Buffett is criticizing Bitcoin, he's been rather a long-time critic of cryptocurrency as in 2018, he had called Bitcoin “mirage” and “tulips” and “not a cryptocurrency.” Ahead of his 2018 Berkshire Hathaway annual shareholder meeting he had called BTC, “probably rat poison squared” as well.
Buffett is still stuck on yes to Blockchain and no to Bitcoin as he acknowledged the potential in blockchain the “important” underlying technology but said its success does not depend on Bitcoin, Buffett further said,
“It attracts charlatans. If you do something phony by going out and selling yo-yos or something, there's no money in it — but when you get into Wall Street, there's huge money.”
Well, recently, Bitcoin Proponent Max Keiser had called Buffett a “fraud and a charlatan” so by that standard we wonder how Bitcoin hasn't been able to attract him.
Moving on, in the list of Bitcoin bashers, there are many other business leaders like Bill Gates and JP Morgan CEO Jamie Dimon. However, the latter recently became the first major bank to launch its own stablecoin for cross-border payments.
Meanwhile, Barry Silbert, the founder and CEO of Digital Currency Group called Buffett out as he pointed out Buffett’s investment, Wells Fargo’s tally for being fined for frauds is nearing 100 count.
“Wells Fargo, a Buffett investment, has been fined 93 times for fraud and other abuses, for a total of $14.8 billion in fines since just 2000. I'll take bitcoin's “charlatans” over that any day.”
Anthony Pompliano of Morgan Creek Digital also took to Twitter to share, “For those keeping track at home, that means Wells Fargo has paid more than 20% of Bitcoin’s market cap in fines in the last 19 years for their fraudulent activity.”
One Twitter user @mickel_ans called out Buffet’s wrong assessment on other tech giants like Amazon, “Buffett has a great history with traditional stocks and a horrible history with tech stocks. He said the same things about Google Amazon Apple etc back in the day.”