Warren Buffett Have No Faith In Bitcoin Investment!
Warren Buffett, the Oracle of Omaha have no faith in bitcoin investment. He is a world-renowned investor and the Head of Berkshire Hathaway. In an interview, he was asked about his views on cryptocurrency and more specifically about bitcoin. And responding to the same, he showed his reluctance for the bitcoins. So it clearly seems like he is not at all convinced by cryptocurrency.
Following was the answer that he gave to the asked question:
When you are investing into cryptocurrency, you aren’t aware of the fact that you really are not making an investment. You are just speculating and there is nothing wrong with it. But only if you see, it is a complete gamble where someday someone else will come along and pay more than you. And, this is how the never-ending game goes on. So this is just not investing.
If analysed significantly, Mr Buffett is actually very reasonable when compared with his longtime partner Charlie Munger. Charlie Munger is the Vice Chairman of Berkshire Hathaway. He once told an assembled audience of Los Angeles in mid-February that
I have never considered even for a single second for having anything with bitcoin. I detested the cryptocurrency the minute it was raised and my hatred for it goes on increasing with the pace it is getting popular. Imagine, how disgusting it is that people are beleiving in such a shit.
Cryptocurrency Is Not An Investment – Mr Buffett!
According to Mr Buffett, there exist only two types of items. One that people buy and think they’re investing, and the other one which really is investing. And according to him, bitcoin comes in the first category in which people only think they are investing but the other side of the coin remains hidden. Further, he added:
If you invest something in like a farm, an apartment house, or an interest in a business, this is what call investment.Because you can do that on a private basis and besides it is a perfect satisfaction. But if you look for bitcoins as an investment means and expect it to deliver the return to you, mind it you are just hoping.