Warren Buffett Thinks Bitcoin Will "Come To Bad Endings"
May 12 2018
Buffet who is 87 years of age and his friend Munger who is 94 also attended Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people. For example, Buffett has acknowledged that he regrets not getting in on Amazon years ago. In 1997, shortly after Jobs' return to Apple, he announced a controversial deal in which Microsoft invested $150 million in Apple, agreed to support Office for Mac, make Microsoft Explorer the default browser on Macs, and settle that lawsuit.
Warren Buffett is an incredibly capable investor, but it's important to take his criticism with a grain of salt - considering the fact that the investment mogul has previously rebuffed Internet and technology companies due to a lack of understanding of the companies. The most obvious way to prosperity according to the mogul is to put your savings patiently in the flourishing American economy.
Berkshire Hathaway's insurance arm offers professional liability with cyber insurance, but Buffett said he doesn't want his company to be a pioneer in the arena, since it's largely unpredictable.
Comparing it to gold, he argued that you can only buy it, but there will be no value to it.
Berkshire Hathaway Vice Chairman, Charlie Munger echoed the comments of Buffett. Perhaps there has never been a better time to pay attention to them: the market is close to record levels, it has seen nearly a decade of steady recovery, unemployment is below 4% and the Federal Reserve is raising rates.
Buffett also explained that when he speaks to cybersecurity experts, they tell him that the offense is always ahead of the defense, and that will continue to be the case. Bitcoin is viewed as providing a hedge to traditional finance by those who have owned the digital currency, he said. To Buffett and Munger the answer is clear: it's better not to buy into the hype.
Considering the cryptocurrency markets a greater fool theory he says: "As an asset class, you're not producing anything, and so you shouldn't expect it to go up". The Billionaire investor repeated his idea that digital currencies would come to a very bad ending saying that Bitcoin is like squared rat poison.
I like cryptocurrency even less than Warren does.to me it's just dementia.