At a time when Bitcoins and other cryptocurrencies have witnessed a gradual decline after last year's high, Buffett suggested that buyers of Bitcoin "thrive on hope" that they will find other people who pay more for it.
Munger, vice chairman of Berkshire Hathaway, referred to cryptocurrencies as "turds" at Saturday's annual meeting of Berkshire shareholders. "It's kind of a pure "greater fool theory" type of investment", he said, also noting that if he could short it, he would. Gates says that his problem with Bitcoin and other cryptocurrencies is when they're viewed as an asset class because they don't "produce anything".
"Something like bitcoin is really important, because it is not correlated to the rest of the market."
'Real to deny Barca guard of honour'
This has not been an easy season for FC Barcelona and winning this game will be good for the team, the manager, and the fans. Real Madrid have qualified for the UEFA Champions League final for the third time in as many years.
Bitcoin was trading around the $10,000 mark, only to sharply fall around $9,100 as of press time.
"Although Warren Buffett has made the right call on many investments, he is dead wrong on Bitcoin because he is totally clueless to the technology".
On the subject of ICOs, he considers them to be speculations of a insane variety.
Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple, the billionaire said Thursday. "I agree I would short it if there was an easy way to do it", added Gates. "To me, it is simply dementia".
Meanwhile Buffett's charming business partner Charlie Munger: "Suppose you could make a lot of money trading freshly harvested baby brains". Traders aren't giving any importance to the concept of fair value when it comes to investing in digital currencies.
The Microsoft founder considers digital currencies to be too risky for long-term commitments for private investors as well as for institutional ones. Unlike many online publications, we don't have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.