Technology

Bitcoin pulls back from $10K; Buffett, Munger, and Gates hammer away

Bitcoin pulls back from $10K; Buffett, Munger, and Gates hammer away

Interestingly enough, some of the more vocal detractors of Bitcoin include some of the richest men in the world. He argued that investor demand is the only price determining factor, making digital currency a handy tool for charlatans.

Bitcoin, which is getting closer to the $10,000 levels, fell 1.2 percent on the Bitfinex exchange, arriving at $9,431.6.

In the CNBC interview, Gates said "As an asset class, you're not producing anything and so you shouldn't expect it to go up".

"If people react when you criticise their investment, if they get mad, they're gambling..." He stated that bitcoin was a "greater fool" investment.

Gates - whose net worth tops $91 billion thanks to the de facto monopoly Microsoft has enjoyed for decades - said someone once gave him bitcoin for his birthday, but he sold it.

Buffett says he doesn't think the stock market is overpriced compared with other options even though he's had trouble finding entire businesses to buy at reasonable prices. "It's the consumer behavior with the product, what they do with it, how it becomes part of their lives, that I observe and primarily reason from", Buffett said.

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Earlier than the Berkshire annual assembly on Saturday, Buffett told CNBC that bitcoin was "most likely rat poison squared".

Warren Buffett is an incredibly capable investor, but it's important to take his criticism with a grain of salt - considering the fact that the investment mogul has previously rebuffed Internet and technology companies due to a lack of understanding of the companies.

Warren Buffett, the CEO of Berkshire Hathaway, has some strong opinions about Bitcoin's cultural omnipotence.

Charlie Munger, a Berkshire vice chairman and longtime associate of Buffett, described bitcoin as "worthless artificial gold". "I just know it will happen". And though the price of Bitcoin has gone down considerably since then, many people are still of the mind that cryptocurrency represents the wave of the future.

[.] like somebody else is trading turds and you're being left out.
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.