Cryptocurrencies : Steem, Bitcoin, Ethereum et al will certainly end badly: Warren Buffet
I have always respected The Oracle of Omaha: Warren Buffet –even written a short book about ( in my university days) his financial analysis- with regard to efficient market hypothesis. However, his motives when I read his below quote is weird :
"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," the chairman and CEO of Berkshire Hathaway said.
"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."
Conversely, however, I do understand that his old age might be acting against this business/ economic guru!!! In fact his assertion that cryptocurrencies will fail is baseless or based on his inability to understand the phenomenon behind blockchain technology and the power of millions of people supporting the technology and thus willing to accept it against all odds. Here are some few points:
Causing fud/ panic to buy cheap: It is possible that the Oracle of Omaha (just like JP Morgan CEO Jamie Dimon ) wants to add to the panic in order to buy cheaper –reason is that according to the interview, he might be eyeing the top cryptocurrencies. Therefore, let us be wise and buy when price falls: do not be fooled by fuders who want to influence price as they do daily with financial markets-therefore making billions in profits.
Afraid of new technology: Most established people are not comfortable with new technologies especially when they are in their old age (or when it disrupts their monopoly)-due to their risk appetite is lower than in their mid-age days. Therefore, I do understand my business guru on his fears about cryptocurrencies however steem, bitcoin, ethereuem , eos and elyte.io et al are here to stay.
Do you agree that bticoin, steem and other altcoins will suceed? Send in your comments, would you upvote in order to send in your support and resteem for others to join.
Click here and read my former post: Will South Korea's justice minister plan to Ban Bitcoin trading destroy Bitcoin, Steem and other altcoins
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Buffet has in general never been much into technology at all. My best guess is that he has poor tech skills. He is mostly into companies where he likes the product and is a master of using money to get more more money (e.g. insurance float). He is also very old, and WB is one of the last persons I would go to for crypto advice. I also believe cryptos are more kind of commodities and going to be used in barter trades, so I guess many people focus too much on Bitcoin being money and miss the point. His best friend, Bill Gates, is very bullish on BTC though.
Good point, Gates is a tech wizard and understands the technology behind blockchain...Good comment indeed, thanks
Great job @charles1 ! I also believe "they add to the panic in order to buy cheap !" And for sure they hate having their monopoly disrupted , you know all that hard work getting established and set in their ways , disruptions or change are very unwelcome for many , but theres also many who welcome it !! Upped and resteemed for you my friend ! on my way to check out your
other post link ! 👍👍👍💲💲💲💲
You are right they add to the panic to buy cheap. One man can not determine the faith of the world. He might be right in other areas but crypto currency its a no to me.
Agreed !!!👍👍👍😀
very good point indeed, you are a smart lady
Guess that you need a sleep 😀😀😀😀😀😀😀😀😀😀
your so right lol! you know me well , im blogging in bed half way there ! 😴😴😴
hahah sleep well
buying bitcoin at 13000 to 13200usd why?
https://steemit.com/bitcoin/@salahuddin2004/bitcoin-will-retest-20-k-before-30-march-2018
Warren Buffet is a scumbag piece of shit eugenicist disguised as a benevolent old man. Make no mistake- he will spend a fortune to try to kill cryptos... just like he did to stop the Keystone Pipeline. If he doesn't like something he will do anything in his power to kill it... But this time he's pissing up a rope- cryptos have always been a volatile market and probably always will be- but they're here to stay!
Good point and te volatility is the reason why we can make tons of money in cryptos isnt it? thanks for your comments
Absolutely... You ain't going to hear me complaining ;-}
Hahahah, I agree buddy...
I have a lot of respect for the man but I think it's his age and his lack of understanding that is driving this. I'd hate to think this is a Dimon style hit job...I like to think BUffet is above that but who knows...
So cryptos will surely fail but he'd never short a dime worth. Nice statement from the Oracle. My respect for him just went down a few notches. How convenient this came out the same day as the Korea news...
Remember China crypto bans were part of the FUD a few months ago and the market surged later despite all of it.
You nailed it well...very good comment indeed. Blame it on old age or even strategy to influence the market in order to buy cheap...we know the tricks already and wont dump...rather buy when its cheap
Great post, definitely worth discussing. Warren Buffet/Berkshire would fundamentally never invest in bitcoin. One of their top investment rules is: "Simple businesses (if there's lots of technology, we won't understand it)," so they are not inclined to invest in high tech businesses. It should be noted that that doesn't mean there haven't been high tech stocks that have performed well that he's missed out on.
That being said, I think that there is a great opportunity trading the volatility of cryptocurrencies at the moment. As for the long-term play, it'll partly depend on how well the cryptos can survive regulation in my opinion. Just my 2 cent though!
Good point, however do not underestimate the Oracle of Omaha especially when it comes to undervalued stocks/ coins whose future value is amazing...Thanks for your comment
All i see is fear, fear and jealousy. Buffet is a man the world respects even in his old age but, truth be told this man doesn't wanna loose relevance as long as the world of money is concerned. Things weren't moving this fast during their days, now technology has taken over and its unusual and it scares the old. I think i here something about google too... More stories from are coming from world business generals, just wait! As for me cryptocurency has come to stay! Steemit, bitcoin and the likes. Now let me just say this here, as long as internet and computers will not stop to exist then cryptocurrency will keep its place. I stand to be corrected.
Well analysed...thanks for your comment
The fake news and fear only prove that something real is growing. Banks and governments fear to be put out of business. The war has started and I am sure crypto and the people will win in the end!
Very good point my dear one.Thanks for your comment
why would warren buffet think and say such, well basically i think he is afraid of the emerging technology and the impact the crypto world would have by creating lots of millionaires which took him years to make.
Hahahah, very good point indeed...the rich dont like it when middle class or poor becomes rich like them...cryptos are creating millionaires daily and here to stay.
Warren seems to live in his youth days. Am sure he is contributing to the Fud to buy up and Hodl. Why not introduce him to 👌😎
Good point, let hims fud till tomorrow....cryptos are here to stay
💪👌👏 sure
He is up to something, they all are
Ahhaaa I agree...hence why I wanna borrow your cane?
My cane is your cane dude :0)