BILL GATES SPEAKS ABOUT BITCOIN (BTC) WITH WARREN BUFFET AND CHARLIE MUNGER
MAY 7, 2018 BY GARRETT
Cryptocurrency market run likely stalled by recent comments by Warren Buffet, Charlie Munger, and Bill Gates.
This past weekend, Bitcoin was heading towards $10,000 and the crypto market as a whole was doing very well. Although nobody knows for sure, it is likely that recent comments by Warren Buffet, Charlie Munger, and Bill Gates have caused this current retracement (at press time Bitcoin is down to $9,300 from a high of over $9,900 this weekend).
Warren Buffet, Chairman and CEO of Berkshire Hathway, said that “the asset itself is creating nothing”. This is a rather interesting comment that further proves his acknowledgment that he knows nothing about Bitcoin. Bitcoin was created to be a peer-to-peer electronic cash system that was faster and cheaper than fiat. The world has yet to see the USD or any other fiat currency build something itself so it is unfair to assume Bitcoin will do the same. Buffet also said last weekend that Bitcoin is “probably rat poison squared.”
Berkshire Hathaway Vice-Chairman Charlie Munger said trading cryptocurrencies is comparable to having dementia, a disease that includes the symptoms of forgetfulness, limited social skills, and impaired thinking abilities. This highly insensitive statement was backed by no evidence and is nothing more than his opinion.
Microsoft Co-founder Bill Gates said that “I would short it if there was an easy way to do it.” It is interesting to see a leader in the tech world being so unsupportive of new technologies, but his past assumptions of Bitcoin being used for illegal activity likely formed his negative opinion on the technology.
It is likely that these comments are having and will continue to have negative effects on the cryptocurrency market. However, it is important to realize that most of these individuals making these comments have admitted to not being fully educated in what Bitcoin is. These highly successful businessmen are most likely seeing Bitcoin as a threat to fiat and the stock market, which it is.
Originally published at altcoinbuzz.io on May 7, 2018.
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I don’t pay attention to these elite guys as they are so far away from reality given their wealth that they do not know what is truly needed for the majority of us that need to work for a living. Although I respect them for their contributions, they cannot be relied on as they cannot serve as a proxy to the majority of the coming generation that will support the potential of blockchain and its derivatives given the clear need for improved efficiency and transparency of financial markets.
Love it! The fact that they are even talking about bitcoin shows you the direction it is ultimately going.