Topic: FUD-Buffett bashes bitcoin as nonproductive, thriving on mystique (Read 132 times)
Though Buffet is constantly bashing bitcoin. Though he has its point but its not eventually 100% true. Bitcoin is not just speculative, it has a true value and that value is dictated by the community and in form of the market trade. Though bitcoin has a very wide volatility but it doesnt mean it is all speculative, even the stock market in wall street crashes and so a crash is just normal.
I think cryptocurrencies are made as for what it aims--- financial freedom and I guess guidance is good but never dectate someone about their wealth.
I think this is the reason why Cryptos are very popular, because people get to do what they want.
Though frankly I do know the risks, I tend to see what this technology can bring to my life and at the moment it is very fascinating and helpful. It is satisfying yet I know there can be further development.
What do rich people know? Sometimes I just think they are jealous that they have not jumped in before it actually rose.
I think this is the reason why Cryptos are very popular, because people get to do what they want.
Though frankly I do know the risks, I tend to see what this technology can bring to my life and at the moment it is very fascinating and helpful. It is satisfying yet I know there can be further development.
What do rich people know? Sometimes I just think they are jealous that they have not jumped in before it actually rose.
Whats mystical about it? Nothing, everything is explained. What is non productive about it? Absolutely nothing, the world uses a lot of energy and space in order to keep this system going. Not to mention it is the world's first monetary system that can't be censored or altered, that is big but yet explainable. I seriously don't understand how "smart people" make statements like this, it is like they don't even consider both sides.
He hates that he is irrelevant as far as bitcoin and cryptocurrencies are concerned. He doesn't understand the buzz and the hype behind it. I would love to actually have a valid argument other than the same old line about "It does not produce anything" argument.
It is getting stupid. I think some of these reporters probably raise the question just to instigate him to go into one of his raging fits and give away gems like "Rat Poison squared". LOL. The man is legendary and has built so much value over his life of investing.
How I wish he was more like the kind, understanding Gandalf the Grey rather than this nasty, bitter old man like Saruman the White!!!
It is getting stupid. I think some of these reporters probably raise the question just to instigate him to go into one of his raging fits and give away gems like "Rat Poison squared". LOL. The man is legendary and has built so much value over his life of investing.
How I wish he was more like the kind, understanding Gandalf the Grey rather than this nasty, bitter old man like Saruman the White!!!
Another thing Warren used to emphasize is only investing in what you understand. I know whenever I have a technology problem I ask a senior citizen. 
NEW YORK (Reuters) - Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as “rat poison squared,” thrive on the hope they’ll find other people who will pay more for it.
Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking
Likening bitcoin demand to the tulip mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has driven a surge in its price.
“It does create a rising price, creates more buyers ... If you don’t understand it, you get much more excited,” Buffett said on CNBC television. “People like to speculate, they like to gamble.”
Charlie Munger, Buffett’s longtime business partner and a Berkshire vice chairman, described bitcoin as “worthless artificial gold.” He likened it to Oscar Wilde’s definition of fox hunting, calling it “the pursuit of the uneatable by the unspeakable.”
Buffett said investors would instead be much better off investing in U.S. stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds.
Buffett said stock prices are elevated but not in a bubble.
He said he would much rather have Berkshire’s pile of cash and equivalents be $30 billion, rather than the $108.6 billion it was at the end of March, but good deals have not emerged.
Buffett revealed last week having bought about 75 million additional Apple Inc shares in the first quarter, despite already owning about 165.3 million.
Berkshire now owns 5 percent of the iPhone maker, trailing only Vanguard Group and BlackRock Inc.
He also said he would be happy to see Apple shares go down in price if it would spur repurchases.
Reuters
Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking
Likening bitcoin demand to the tulip mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has driven a surge in its price.
“It does create a rising price, creates more buyers ... If you don’t understand it, you get much more excited,” Buffett said on CNBC television. “People like to speculate, they like to gamble.”
Charlie Munger, Buffett’s longtime business partner and a Berkshire vice chairman, described bitcoin as “worthless artificial gold.” He likened it to Oscar Wilde’s definition of fox hunting, calling it “the pursuit of the uneatable by the unspeakable.”
Buffett said investors would instead be much better off investing in U.S. stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds.
Buffett said stock prices are elevated but not in a bubble.
He said he would much rather have Berkshire’s pile of cash and equivalents be $30 billion, rather than the $108.6 billion it was at the end of March, but good deals have not emerged.
Buffett revealed last week having bought about 75 million additional Apple Inc shares in the first quarter, despite already owning about 165.3 million.
Berkshire now owns 5 percent of the iPhone maker, trailing only Vanguard Group and BlackRock Inc.
He also said he would be happy to see Apple shares go down in price if it would spur repurchases.
Reuters
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