Buffett, Gates And Munger Continue To Speak Poorly About Bitcoin And Cryptos
Some of the leading personalities in global finance have not been fans of Bitcoin and they have ensured that they made that known on a regular basis. Chief amongst them is billionaire investors, Warren Buffet and JPMorgan COE Jamie Dimon.
Tech billionaire Bill Gates has also taken a shot at Bitcoin, while Buffet’s counterpart at Berkshire Hathaway Charlie Munger has done the same just a few months ago.
Buffet not a big fan
A new video has been released which recaps the public bashing of Bitcoin by these personalities. The leading cryptocurrency has continued to be resilient despite harsh government regulations and hating from well-known figures.
The resilience of the cryptocurrency is an indication that the cryptocurrency community cares little about what the likes of Buffet, Belfort, Gates, and Dimon have to say.
Warren Buffet and his partner at Berkshire Hathaway Charlie Munger were of the view that Bitcoin is a mirage and a “scumball activity”. The duo added that trading the cryptocurrency is similar to trading freshly harvested baby brains.
This isn’t the first time that Buffet has attacked Bitcoin and other cryptocurrencies. In May, the legendary investor tagged Bitcoin as a rat poison squared. He made this statement at the Berkshire Hathaway 2018 annual shareholder meeting.
At the meeting, Munger further added that trading in cryptocurrencies is just dementia.
A few days after that, Buffet added that Bitcoin doesn’t create anything, stating that the value of the cryptocurrency depends on the next person paying you more than you spent initially.
Earlier this year, Buffet also stated that he believes that Bitcoin and other cryptocurrencies will come to a bad ending.
He added that if he could buy a five-year put on every one of the cryptocurrencies, he would be glad to do it but he would never short a dime’s worth.
Bill gates hold a similar view on Bitcoin. In May, he stated that would bet against Bitcoin if he could. He added that as an asset, Bitcoin is not producing anything and so it shouldn’t be expected to go up.
Despite bashing Bitcoin, Gates believes that the underlying technology, Blockchain has a huge role to play in the global industry.
In the video released, these esteemed personalities were of the view that speculations and gambling were the main reasons why Bitcoin keeps going higher.
According to them, the technology, real-world adoption, the quest to create a better financial system or its viability as an alternative to collapsing fiat currencies are not the driving forces behind the rise of cryptocurrencies.
Cryptos gaining popularity despite the bear market
The fact that the cryptocurrency market has been engulfed in a bear cycle since the start of the year has not stopped people and companies from believing in the industry.
Cryptocurrencies are now becoming the best option for citizens and businesses of countries plagued with hyperinflation.
Even though Bitcoin and others are a long way from mass adoption, more people are considering them as either a store of value or means of payment.