Wednesday, 21 November, 2018

Bill Gates would bet against Bitcoin

Today In Cryptocurrency Buffett And Gates Slam Bitcoin Regulators Meet To Discuss Classification Bill Gates would bet against Bitcoin
| 11 May, 2018, 04:43

Billionaire Warren Buffett says stocks remain the best option for investors — not bonds, and especially not bitcoins.

Buffett, 87, and Munger, 94, spoke two days after they presided at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people. According to CCN, he said the system is a "joke", likening that to putting some value to checks just because they are used to transmit money.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffett explained. Even if he doesn't feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps even Goldman Sachs' new bitcoin derivatives product. He argued that cryptos are not good investments as they are not sustainable.

Buffett said he would be happy to see the Apple share price fall if it would spur repurchases. And to be fair, bitcoin and other cryptocurrencies had a hard weekend before Gates's comments.

Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year.

Gates (value US$91.7 billion) vs. bitcoin (value US$160.8 billion) seems like an unfair tussle, so fortunately fellow mega-rich Apple tech-lover Warren Buffett (value US$84.4 billion) was on hand to side with Bill.


"If you look at Apple, I think it earns nearly twice as much as the second-most profitable company in the US", Buffett told CNBC.

Robust phrases. However to be truthful to bitcoin bulls, each Buffett and Munger have been mistaken concerning the cryptocurrency.

Buffett said he does not want "much underwriting exposure to cybersecurity threats for Berkshire's insurance businesses".

Bitcoin was trading around the $10,000 mark, only to sharply fall around $9,100 as of press time.

Over the past few weeks, Bitcoin and other cryptocurrencies have actually performed really well over the past few weeks, but have fallen once again after these comments were released.

Microsoft founder Bill Gates is no Bitcoin believer. On the other hand, Ethereum declined by 3.5 percent and traded at $754.03.

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