Warren Edward Buffett, a renowned American investor, CEO of Berkshire Hathaway and a notorious bitcoin critic, has again lashed wildly at the crypto market.
Buffett previously stated that investing in cryptocurrencies isn’t a real investment, but just speculative gambling and only attracts “charlatans.” The 87-year-old billionaire repeated his earlier declaration that “cryptocurrencies will come to a bad ending.”
“If you had bought gold at the time of Christ and you figure the compound rate on it, it’s a couple tenths of a percent,” he said.
Again, he gave the harsh verdict during an annual shareholders meeting on May 5.
According to him, “cryptocurrencies will come to a bad ending. It essentially will not deliver anything other than supposed scarcity.”
According to a tweet from Becky Quick, CBNC reporter, the billionaire went further to liken bitcoin to “rat poison squared,” at the annual meeting.
— Becky Quick (@BeckyQuick) May 5, 2018
Even with Bitcoin Bullish
Mr. Buffett made his previous comments during a time when bitcoin was on a bullish momentum. Over the last month, Bitcoin price increased by 37.9%, adding $2,563.48 to its value and currently trading at $9388,.49 at press time.
While old Warren continues to bully cryptocurrencies, younger generation investors and billionaires like the co-founder of PayPal Peter Thiel, Twitter Boss Jack Dorsey, and venture capitalist Tim Draper are confident that bitcoin is going nowhere, and will displace every other currency.
Draper, an investor in Hotmail, Tesla, and Skype says that bitcoin’s revolution is bigger than the Internet.
“This is bigger than the Internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world, and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper also believes that bitcoin would hit $250,000 by the year 2022.
He said on Reddit,
“I’m thinking $250,000 a bitcoin by 2022. Believe it. They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!”
Buffet has been very open in his view for cryptos and earlier this year while he declared that bitcoin would see a “bad ending.” He also stated that he does not know how or when the crash will occur.
He claims he does not know anything about bitcoin nor hold any cryptocurrency asset, “I get into enough trouble with things I think I know something about,” he said. “Why in the world should I take a long or short position in something I don’t know anything about?” he added.