For years, business magnate Warren Buffet has condemned bitcoin as an investment by telling people that the crypto asset is nothing more than gambling. Two years ago, just before a 2018 Berkshire Hathaway annual shareholders meeting, Buffet said bitcoin is “probably rat poison squared.” Despite investor criticism, the cryptocurrency’s market cap has surpassed Buffet’s multinational conglomerate holding, Berkshire Hathaway, in net worth.
Bitcoin has a lot of haters, including people who like it Jamie Dimon, Peter Schiff, and Nouriel Roubini. In addition to these experts, the American investor and chairman and CEO of Berkshire Hathaway, Warren Buffet, doesn’t like bitcoin either. For many years, the director who developed an interest in business and invested in his youth hated bitcoin (BTC) with a fiery passion. Two years ago, Buffet explained that buying cryptocurrencies is not an investment.
“You don’t invest if you do,” Buffett stressed out in 2018 during an interview regarding bitcoin buying. ‘You speculate. There is nothing wrong with that. If you want to gamble, someone else comes by and you pay more money tomorrow, that’s kind of a game. That is not investing. “
Then during a conversation with CNBC’s Becky Quick, Buffet continued explained that bitcoin is “probably rat poison squared.” Additionally, Buffet’s partner and Berkshire Hathaway’s vice chairman, Charlie Munger, said on Valentine’s Day 2018 that he hated bitcoin. During Munger’s annual shareholders meeting said the crypto asset was “harmful poison” and “disgusting”.
‘I haven’t thought about it for a second, I have something to do with it [bitcoin], ‘Insisted Munger. ‘I hated it the moment it was raised. The more popular it got, the more I hated it. It’s just disgusting that people have been included in this. “
Despite the bigwigs at Berkshire Hathaway who hate the crypto-asset bitcoin (BTC), the digital currency has surpassed the net worth of the multinational holding company statistics. The value of Bitcoin is somewhere above the range of $ 29,300 per unit BTCmarket value of a whopping $ 544 billion, which is $ 1 billion above Berkshire Hathaway’s capitalization.
The next big company BTC must succeed is Taiwan Semiconductor Manufacturing (TSMC), the largest semiconductor manufacturer in the world. Bitcoin has already surpassed the valuation of the major payment network Visa, which is estimated at approximately $ 482 billion.
In fact, the Berkshire Hathaway conglomerate is made up of many companies as well as the holding company owns fully known companies such as Dairy Queen, GEICO, Duracell, Pampered Chef, Fruit of the Loom and more. Berkshire Hathaway also has significant minority interests in Coca-Cola, Bank of America, Apple and American Express.
Since Bitcoin’s launch on January 3, 2009, 12 years ago, the currency has grown tremendously in value and traditional investment moguls have had a hard time coming to terms with why it has become so valuable. To this day, people like Peter Schiff and Warren Buffet believe that bitcoin is nothing more than a pyramid scheme.
“When you buy something like a farm, an apartment building or an interest in a business,” Buffet agrees said. “You can do that privately. And it is a completely satisfying investment. You look at the investment itself to give you the return. Now if you buy something like bitcoin or a cryptocurrency, you don’t really have anything that produced anything. You just hope the next guy pays more. “
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