Billionaire Investor Warren Buffet Criticises Prefers Stocks Over Bitcoin

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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.

In a new interview, multi-billionaire Bill Gates has sided with the critics of Bitcoin and cryptocurrencies...

Bill Gates' opinion closely resembles that of his colleagues on the company's board, Warren Buffet and Charles Munger.

"It's an awesome company", Gates said on CNBC Monday, in an interview at the Berkshire Hathaway shareholder meeting.

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."

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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.

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