Warren Buffet and Charlie Munger Continue their Insults Against Bitcoin

Warren Buffet and Charlie Munger Continue their Insults Against Bitcoin

The Microsoft co-founder, Steve Jobs sparring partner, and one-time savior of Apple said that the company in its current incarnation is "amazing" while speaking to the media. Charles Munger, the VP of Berkshire Hathaway and long-time friend and collaborator, was also part of the interview session.

Berkshire vice chairman Charlie Munger said to Buffett during the meeting, "I like cryptocurrencies a lot less than you do".

At the same time, Bill Gates criticized Initial Coin Offerings (ICOs) saying that they are insane and 'speculative things.' ICOs allow start-ups and enterprises to crowd-fund their projects by issuing tokens.

Buffett said that person did the right thing - selling bitcoin - and said investing in shark's teeth, seashells or tulip bulbs follows the same principle: hoping someone else offers a higher price. "As an asset class, you're not producing anything". "It's kind of a pure "greater fool theory" type of investment", he said, also noting that if he could short it, he would.

Famed fund manager Warren Buffett added his two bitcoins' worth as well, also telling CNBC in a separate interview that bitcoin is "probably rat poison squared".

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He additionally responded to a query from the viewers about bitcoin by saying that it and different crytpocurrencies "will come to unhealthy endings". For example, Buffett has acknowledged that he regrets not getting in on Amazon years ago.

Gates' opinion is very close to the view of Warren Buffett who named Bitcoin a "zero-sum game". He concluded by stating that if there was an easy way to short Bitcoin, he would do it.

Buffett, who is the CEO of Berkshire Hathaway, has historically been a harsh critic on the cryptocurrency. In the investment world, shorting is when you bet against an asset and make money if its value falls.

Bears believe Buffett's comments are worthy of consideration.

Warren Buffet, an 87-year-old investor, is well known for his skepticism towards digital currencies with many crypto investors arguing that he is too old to understand the crypto market.

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