Warren Buffett’s Aversion to Bitcoin Keeps on Escalating, But Does the Crypto Community Care?
Warren Buffett is at it again. After calling Bitcoin “rat poison squared” now he says it’s a “gambling device” among other things as the near-hilarious comments keep coming from the Oracle of Omaha. Here is the full quote, in which seem to be uncalculated assumptions from one of the world's most acknowledge and highly-regarded investors of all time:
“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” Buffett told a group of reporters ahead of the annual meeting of Berkshire Hathaway in Omaha, Nebraska.
Oh, the irony!
Since 2000, the penalty on Wells Fargo, is close to reaching $15 billion, according to the data provided by Violation Tracker. These penalties are for offenses including, mortgage abuses, toxic securities abuses, false claims act, consumer protection violation, anti-money-laundering deficiencies, and price-fixing or anti-competitive practices among others.
The Oracle of Omaha didn’t just stop there, oh no, he has a lot more to say. He actually compared the flagship cryptocurrency to a button of his jacket.
“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use.”
Looks like he confused Bitcoin with other cryptos. Out of thousands of cryptocurrencies available in the crypto space, there are lots of such cryptos that are just existing with no real value attached to them or don’t solve any real-life problem.
But saying this about Bitcoin is being delusional when just 10-year old digital asset has been slowly developing itself as a means of payment, investment option – which in 2018 registered returns been better than many traditional ones, and a safe haven.
He further added, “It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” he added.
But he sees a lot of promise in the blockchain technology. That’s right, we are still at “Blockchain into Bitcoin” phase as he said “Blockchain…is very big, but it didn’t need bitcoin. J.P. Morgan, of course, came out with their own cryptocurrency.”
So, if not Bitcoin maybe he will jump on the Blockchain bandwagon? “We are probably doing it indirectly, but no, I wouldn’t be the person to be a big leader in blockchain,” said Buffett on Saturday.
At this point, the crypto community has grown used to Buffett’s ignorance of bitcoin. Crypto space is currently awaiting big developments in the form of mainstream giants (like Bakkt, Fidelity and ErisX to name a few) and small institutions alike entering into crypto and building.
Actually, this week had been an exciting one as different reports talked about the ongoing interest and upcoming wave of institutions and high wealth individuals coming into the market, price turning green and more worldwide adoption.
So, what are your views on Bitcoin price starting May on a green note and institutions getting more active in crypto space?
Bitcoin’s price is $37,338.32 BTC/USD exchange rate today. The real-time BTC market cap of $700.76 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $24.93 Billion and live coin value change of BTC -1.87 in the last 24 hours.