Buffett Mistaken About Bitcoin

On Saturday, May 5, Bitcoin reached $ 9,950, but later that day he began to move lower. It looked like it was around the same time that Warren Buffett and Charlie Munger made several statements at the shareholders’ meeting of Berkshire Hathaway, insulting the cryptocurrency.

Bitcoin fell to about $ 9,600 on Saturday, and then to $ 9,350 on Sunday. On Monday, it fell to $ 9,250 with a small rebound to $ 9,350.

Last week, there was a particular bullish stream of information that helped Bitcoin move from $ 9,000 to a peak of $ 9,950 on Saturday.

The announcement was attended by the chairman of the CFTC, Christopher Giancarlo, saying that bitcoin “part currency, part security and part digital coin” and that it may be better suited for a long-term buying
and holding strategy versus a form of payment.

He added that Bitcoin has aspects of a virtual asset, such as gold, only digital. On Saturday, Warren Buffett and Charlie Munger, chairman and chief executive officer and vice chairman of Berkshire Hathaway, respectively, held an annual meeting of the company.

Tens of thousands of people visited this important event for many investors, and thousands of people viewed the video of this meeting. Buffett and Munger had previously expressed negative views regarding bitcoin and cryptocurrency. In particular, Buffett said: “I can say almost with certainty that they will come to a bad ending” and Munger described the digital currency as “noxious poison”. He added that bitcoin craze “totally asinine.” You really can understand what Munger feels from his comment: “I detested it the moment it was raised. It’s just disgusting.”

They confirmed their feelings on Saturday when Buffett said that bitcoin was “is probably rat poison squared.”

Monday on CNBC added Buffett: “The asset itself is creating nothing. When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.” And Munger, in turn, added that bitcoin is “Worthless artificial gold.”

Accidentally or not, but according to the time of the speeches of Buffett and Munger entirely coincided with the drop in the price of bitcoin. But is it by chance?

Read More: https://cryptoflash.io/posts/804706