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As more people become enlightened with the virtues that Bitcoin offers, the number of cryptocurrency enthusiasts is growing exponentially. However, many big-time investors remain uneducated about the cryptocurrency. One notable example is the magnate Warren Buffett, who is ignoring the potential of Bitcoin and remains unconvinced about Bitcoin’s amazing qualities.
“You can’t value bitcoin because it’s not a value-producing asset.” Then, he referred to Bitcoin’s spectacular upward trend as a “real bubble in that sort of thing,” MarketWatch reported.
It is not the first time that the Oracle of Omaha has failed to see the potential that innovation and new technologies can offer. For example, Buffett previously failed to appreciate the potential of technology and social media stocks, such as Google and Facebook. Now, Buffett recognizes that excluding technology stocks in the Berkshire Hathaway’s portfolio has been one of his worst mistakes.
While discussing his failure to buy Google, at the time Google’s founders approached him to participate in the IPO, he admitted failing to act due to his ignorance. In this connection, Buffett said: And so I had plenty of ways to ask questions or anything of the sort and educate myself, but I blew it. Buffett also explained missing the opportunity to buy Amazon, by saying that he had been “too dumb.”
Source is here.
I have a deep respect for this man named Warren Buffet as he is one of the most famous personalities and a reference when it comes to investing. However, just like many who are sticking so much to traditional way of doing things (nothing wrong with it though) and excluding new innovations like cryptocurrency, he is committing a big mistake here.
He is obviously avoiding something that he failed to understand and that explains why he is criticizing Bitcoin as just a bubble. Obviously, he is old enough not to care to know more about cryptocurrency...and we have to admit that maybe he feel that this is not his thing.
As they say, Bitcoin is for everybody but not everybody is for Bitcoin!
The old person with old economic knowledge.
