Buffet discipline condemn investor's view on bitcoin

Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett's recent derogatory statements on bitcoin, stating that the cryptocurrency is "important."

His comments come after Buffett, the chairman and CEO of Berkshire Hathaway, argued that bitcoin is more of a gamble than an investment at the end of April, and then, last weekend at a shareholders' meeting, he said bitcoin is "probably rat poison squared."

While calling himself a Buffett "disciple," Palihapitiya told CNBC that Buffett is wrong about bitcoin.

"Not everybody is right all the time," he told the news source, further suggesting that that knowledge about technology is not in Buffett's "circle of competence."