'Rat poison': Bitcoin's value drops after a billionaire slams it

'Rat poison': Bitcoin's value drops after a billionaire slams it

Gates believes that Bitcoin and ICOs are "some of the crazier, speculative things" said Gates.

Echoing the words of his business partner Charles Munger, billionaire Warren Buffett called bitcoin "probably rat poison squared" at Berkshire Hathaway Inc.'s annual shareholder meeting on Saturday.

Buffett says cryptocurrencies like bitcoin are nonproductive assets similar to gold. Though it is clear that Bitcoin differs from traditional investments and it acts differently, according to crypto supporters, it shouldn't be considered as a disadvantage of Bitcoin as it is done by many gurus of traditional investors. "It does create a rising price, creates more buyers". In response to an audience question, he also said that bitcoin and other forms of cryptocurrency "will come to bad endings".

Bitcoin's reach toward $10,000 over the weekend was once again cut short-falling to $9,300 on Monday. "I would short it if there was an easy way to do it".

I like cryptocurrency even less than Warren does.to me it's just dementia.
Buffett said investors would instead be much better off investing in United States stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds.

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[.] like somebody else is trading turds and you're being left out.

Winklevoss along with also his brother Cameron had $1 1 million in bitcoin at $120 a coin in April 2013.

Robust phrases. However to be truthful to bitcoin bulls, each Buffett and Munger have been mistaken concerning the cryptocurrency. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth". Bitcoin and other digital currencies are just digital codes, hence, they are susceptible to fluctuation depending on the unreliable options of the trading stock of everyone.

"What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency", Nigel Green, CEO of financial consulting firm deVere Group, wrote in a report early Monday.

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