Negative press

Once again, as the bitcoin price slumped and recorded a slight loss in value, it has started to receive negative press. Billionaire investor Warren Buffett, who is often described as one of the most successful investors in recent history, stated that bitcoin is worse than rat poison.

Buffett warned investors that bitcoin will “definitely come to a bad ending,” but admitted that Berkshire Hathaway doesn’t own any and are not short any. “We don’t own any; we’re not short any.”

Although unlikely, analysts have stated that the negative press of bitcoin based on the baseless condemnation offered by experts in the finance sector such as Buffett.

Still, some reports have suggested that the world’s biggest investors and economists have turned to elementary school insults rather than logical arguments, which is optimistic as it shows the critics are not capable of proposing proper arguments against bitcoin that could potentially challenge the fundamentals of the cryptocurrency and blockchain technology.

In general, the cryptocurrency market is in an ideal position to rally in the short-term, as it already has surpassed $450 billion in valuation and the volume has stayed in tact in the $26 billion.