Buffett, Munger, Gates: What The Investment Guru Have To Say About BTC

Buffett, Munger, Gates: What The Investment Guru Have To Say About BTC

This week CNBC brought together three whales of the financial world – Bill Gates, Warren Buffett, and Charlie Munger.

Among other things, all of them were asked their opinion concerning cyber-assets. It was especially curious as recently the Oracle of Omaha said bitcoin and its ilks aren’t the investment.

Our top trading bots

Gates has also always been cautious about the new phenomena in the financial world and even blamed cryptos for people’s deaths, saying that they are used on the Dark Web to purchase dangerous drugs.

Anyway, here are the opinions of the three influential men of the world of finance and technology.

#1. Bill Gates

The second wealthiest person on earth with the net worth $90 billion, Bill Gates, had always sounded pretty skeptical when it came to virtual money. This time, Gates hasn’t shown us anything drastically different.

Actually, he nearly reiterated the thought that previously expressed his wealthy-list opponent Warren Buffett. The Microsoft’s co-constitutor emphasized that cryptos do not produce anything. Therefore, there’s nothing to expect – their price won’t grow naturally.

“It's kind of a pure 'greater fool theory' type of investment," said Gates.

At the same time, one of the most known investors in the world added that he would short crypto “if there was an easy way to do it.” By the way, in investment ‘to short’ means to vend an asset before purchasing it in order to get profits when its price plunges.

Ultimately, Gates stressed that in his opinion both bitcoin and ICOs are “speculative things,” though he admitted that once he owned BTC – somebody gave it to him as a birthday gift, sometime later he sold it.

Despite the fact that he doesn’t really appreciate cryptos, Gates made it clear that the blockchain does make sense.

As it is known, Gates is on the board of Berkshire Hathaway, the American multinational holding company, owned by Buffett. On par with the last one – his longtime investment partner - as well as with Charlie Munger, the chairman of the same company, he spoke to CNBC.

#2. Charlie Munger

Munger, the vice chairman at Buffett’s Berkshire Hathaway, has also always been cautious about bitcoin. Actually, last weekend he made diminishing remarks on cryptos. And this time he repeated his opinion.

"Bitcoin is worthless, artificial gold. Now that is not something I think the world needs," said Munger on CNBC.

He went on, explaining that the fact blockchain is involved and mathematical calculations ( “computer science” ) as well doesn’t mean that this crypto should be adopted everywhere. He also emphasized that influential people should not encourage amateur investors to “speculate on it.”

Finally, Munger summed up his thoughts quoting Oscar Wilde – his definition of fox hunting, projecting it on bitcoin:

“The pursuit of the uneatable by the unspeakable."

The vice chairman of Berkshire Hathaway also attended the yearly meeting of the company, where he called the trading of cyber assets “dementia.”

#3. Warren Buffett

The investment guru, known for his strategy “buy and hold” (which in the crypto-world can be interpreted like “hodl”), has never been a bitcoin supporter. Just some days ago Buffett clarified that in his opinion bitcoin is not an investment, because there is no intrinsic value in it.

This week Buffett sounded even harsher on cryptos, as he called bitcoin a probable “rat poison squared.”

Interestingly, earlier this year Buffett predicted that digital assets “will come to a bad ending.” He even suggested: “If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it, but I would never short a dime's worth."

Report: Survey Shows People Use Cryptos More For Remittances
People tend to send remittances using bitcoin and its brethren more shows new research by a BLT-centered research company. Such a spike can be explained...
Microsoft Releases Dev Kit to Connect Users to Blockchain
The American technological titan Microsoft has finally introduced its development kit dubbed Azure. Azure functions without a server and is powered by unaltered...
No Use Of Blockchain If It Doesn’t Make The World Greener, Jack Ma Says
Jack Ma, who is to leave the position of Alibaba’s chairman next year, has spoken with the regard to DLT again. The charismatic founding father of the Chinese...
Last Year 80% of ICOs Were Scams, Research Shows
It is time to reiterate the all-time crypto-mantra: invest in cyber coins only the amount you can afford losing. It is time for a reminder as over 80%...
Another Reckless Prediction: Startup Exec Says $60,000-Worth Bitcoin Is Real
Thanks to the continuous developments in the field of regulation as well as infrastructure, the most valuable cyber-coins might continue surging. Such...
New Crypto Hanacoin to Be Launched on June 12
As the world is expecting four countries – South Korea, North Korea, the US, and China – to fashion a peace agreement at their Singapore meeting, new crypto...
Goldman Sachs Hires Its First Crypto-Trader
The cryptos are getting a wider recognition on Wall Street as its titan Goldman Sachs enlists a cyber-asset trader to assist its clients in purchasing...
Ether Expected to Outperform Bitcoin Before 2019, Survey Shows
Different participants in the sphere of blockchain expect the leading cyber coins in the world – bitcoin and ether – to prosper and their price to more...
JPMorgan Chase Officially Admits Bitcoin Can Destroy Banks
It’s official. JPMorgan Chase, the largest US lender, has admitted that cyber money as well as peer-to-peer tech trend, could destroy traditional financial...
The Developers Of The MonteCrypto Game Will Give One Bitcoin To The First Winner
The first player to play the new video game MonteCrypto: The Bitcoin Enigma will receive one bitcoin as a reward. The game is scheduled for release on...
Hot US Senate Hearings: ‘If No Bitcoin, No Blockchain,’ Says CFTC Chairman
The US is likely to meet new virtual money regulation in the foreseeable future. Such a conclusion comes out of the CCN, at the yesterday’s hearing,...
Scammers earned more than $5 million on the upcoming pre-ICO Telegram
In January, TechCrunch published the Whitepaper of the upcoming ICO TON, during which it plans to raise up to $1.2 billion. Scammers used the agio around...
Stock Market or Bitcoin – Survey Shows What Americans Trust in More
Against the background that Wall Street has attempted to reign in Bitcoin’s light as two exchanges have launched Bitcoin futures trading, a survey among...
The Largest Bubble of All Time? Bitcoin Overcomes Tulip Mania
Four months have passed since the historical drama “Tulip Fever” was opened in cinemas. For the past four months, bitcoin has grown in price by 4.2 times...
Why Bitcoin is Growing so Phenomenally? $110,000 Soon?
Why Bitcoin is Growing so Phenomenally? $110,000 Soon? Bitcoin continues to amaze participants of the cryptocurrency market and the investment community...