Warren Buffett Thinks Bitcoin Will "Come To Bad Endings"


Gates (value US$91.7 billion) vs. bitcoin (value US$160.8 billion) seems like an unfair tussle, so fortunately fellow mega-rich Apple tech-lover Warren Buffett (value US$84.4 billion) was on hand to side with Bill.

Earlier than the Berkshire annual assembly on Saturday, Buffett told CNBC that bitcoin was "most likely rat poison squared". "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".

Speaking with CNBC, the Microsoft co-founder and prolific philanthropist said that he wished there was an easy way to short bitcoin so that he could take advantage of the opportunity. "People like to speculate, they like to gamble".

"I agree I'd brief it if there was a very simple solution to doit", he explained.

Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general. The investors that manage to cash in on such a type of investment are the ones who end up cashing out on time. He elaborated that he was gifted some bitcoin for his birthday, but sold it a couple of years later.

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Though Bitcoin has been around for almost a decade, the cryptocurrency didn't really become a true mainstream phenomenon until late 2017 when the price of Bitcoin shot up from about $5,800 to almost $20,000 in the span of just four weeks.

Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful.

Winklevoss along with also his brother Cameron had $1 1 million in bitcoin at $120 a coin in April 2013. While both Buffett and Munger have been consistent in their criticism of bitcoin, Gates' recent comment shows a change in his opinion on the cryptocurrency.

He also responded to a question from the audience by saying that bitcoin and other cryptocurrencies "will come to bad endings". The cryptocurrency had been on a steady rise in the past three weeks, nearly reaching the $10,000 mark before slipping to $9,200 on May 6.