Warren Buffett on Bitcoin: 'It's Probably Rat Poison Squared'

On Saturday tens of thousands of Berkshire Hathaway shareholders attended the annual Berkshire Hathaway shareholders meeting

On Saturday tens of thousands of Berkshire Hathaway shareholders attended the annual Berkshire Hathaway shareholders meeting

Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency. Previously, Gates aired concerns about cryptocurrencies being used to pay for illegal transactions, saying the asset class has "caused deaths in a fairly direct way". "It does create a rising price, creates more buyers".

Microsoft co-founder Bill Gates, meanwhile, kicked off the week by telling CNBC that he was also sceptical about Bitcoin.

I agree I would short it if there was an easy way to do it.

On the subject of ICOs, he considers them to be speculations of a insane variety.


By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value. "It's kind of a pure "greater fool theory" type of investment", he said. He added someone once gave him some bitcoin for his birthday, but he sold it a few years afterward. In 2017 the price of one Bitcoin skyrocketed from $2,000 to $19,000 by the end of the year.

Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful.

Warren Buffett is not in favor of investing in bitcoin and isn't holding his thoughts back.

Winklevoss along with also his brother Cameron had $1 1 million in bitcoin at $120 a coin in April 2013. In addition to criticism from influencers like Bill Gates and Warren Buffett, multiple governments have come forward with hesitance and concern regarding the influence of cryptocurrency and the effects that it might have on the markets at large. Bitcoin futures, as the name implies, allow investors to place bets on the future price of the flagship cryptocurrency through online brokerage firms such as Interactive Brokers or TD Ameritrade. The cryptocurrency had been on a steady rise in the past three weeks, nearly reaching the $10,000 mark before slipping to $9,200 on May 6.

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