With the value of Bitcoin rising at seemingly every turn, it as well as so many other cryptocurrencies are gaining more and more attention. With that attention comes a larger userbase, which begets further value increases. While this may all seem like good news for pro-Bitcoin folks, there are plenty of people who are very wary about Bitcoin’s recent success.
Everyone who knows anything about business has heard the name Warren Buffett, and almost all of those people perk up when the aging billionaire has something to say. After all, the man made a lot of money in his lifetime and is continuing to experience success today. At this point, you might be wondering what Warren Buffett and Bitcoin have in common, and the answer to that is, nothing. In fact, Buffett has before spoken negatively about Bitcoin before and recently doubled-down on his negative stance.
After reading the above, you might be under the impression that Buffett went on a tirade against Bitcoin and cryptocurrencies like it, but that is not entirely true. His comments occurred during an investor Q&A session that took place in Omaha earlier this month. The topics covered by Buffett were numerous, but he did take time to address Bitcoin.
In his remarks, Buffett was quoted as saying that “People get excited from big price movements, and Wall Street accommodates.” He went on to say that “you cannot value Bitcoin because it’s not a value-producing asset,” and finished off by describing the current situation surrounding as a bubble.
This is not the first time Buffett has cast doubt on Bitcoin, as he has been quoted many times in the past describing it as a “mirage.” Unfortunately for those who are massive proponents of cryptocurrencies, Buffett is not the only high-profile individual talking down about a cryptocurrency that has oft been described as revolutionary.
In addition to Buffett, the prince of Saudi Arabia also recently said that he expects Bitcoin to ultimately fail. The words of these individuals definitely carry some influence, but their remarks have had almost no impact on the crypto’s valuation. Could they be keeping some investors at bay? Possibly, but the hard evidence is there. People, ranging from everyday individuals to corporate executives, have always been talking about the inevitability of Bitcoin’s failure, and up to this point they have been proven wrong time and time again.
There is a lot going on in the cryptocurrency world at the moment, and it seems as though new stories are making headlines on a daily basis, but the fact of the matter is that this entire sect of currency is gaining momentum and ultimately increasing its reach around the world.
On top of all of this, for every Warren Buffett talking down on cryptocurrencies like Bitcoin, there are other investors willing to take a risk. Tommy Lee, who is regarded as a massively successful—albeit unconventional—investor, has set up 5 indexes that can help aid traditional Wall Street investors get started with Bitcoin (and other cryptocurrencies). No one truly knows whether Bitcoin is the currency of the future or simply an elongated fad, but it seems short-sighted and shallow to entirely write it off like Buffett has.
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