Here's what Mark Cuban, Warren Buffett, and Richard Branson have to say about the digital currency.
Warren Buffett 's aversion to bitcoin just escalated. There's been disappearances, so there's a lot lost on it. It just sits there.
It's like a seashell or something, and that is not an investment to me," he added. What I'll have here is a little token But the button has one use and it's a very limited use," Buffett said. Buffett had previously called bitcoin "rat poison squared," and Berkshire's vice chairman Charlie Munger said trading in cryptocurrencies is "just dementia. However, the Oracle of Omaha acknowledged the blockchain technology that bitcoin is built on has some promise. Morgan of course came out with their own cryptocurrency," Buffett said Saturday.
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But he's not about to short bitcoin, either
Appearing on CNBC earlier today, he stated that his position on the digital currency had not changed. However, the more Buffet offers in way of critique of Bitcoin, the more it appears that he cannot differentiate the fintech innovation from any of the investments he has made in a regular companies. His main gripe seems to be that BTC does not produce anything and it therefore has no value. As he has made apparent on numerous occasions previously, Warren Buffet really does not get Bitcoin. The successful investor has been one of the more vocal and creative critics of the cryptocurrency over the last few years.
This billionaire sees lots of value, but thinks the price is in a bubble
Warren Buffett isn't a fan of bitcoin. At Berkshire Hathaway's annual meeting, Buffett renewed his criticism about bitcoin and explained why it's not an investable asset. Image source: The Motley Fool. At last year's shareholder meeting, Buffett called bitcoin "probably rat poison squared ," and also said that he thinks cryptocurrencies won't end well for those who buy them. Munger added that trading in cryptocurrencies is "just dementia. Warren Buffett's newest bitcoin comments seem even harsher. In an interview before Berkshire's annual meeting, Buffett called bitcoin "a gambling device" and also pointed out that there's been lots of fraudulent activity in the bitcoin world. He also reiterated that bitcoin isn't a productive asset. That is, its value is based solely on the premise that someone else will eventually be willing to pay more for it.
Buffett has made some negative remarks about bitcoin in the past, and he just renewed his criticism.
For the latest business news and markets data, please visit CNN Business. The price of bitcoin took a dive after Warren Buffett renewed his criticism of the cryptocurrency — even comparing it to rat poison. He has often compared the cryptocurrency to gold, saying that both assets are strictly speculative and don't produce earnings and dividends like stocks.
Related: Warren Buffett is not too worried about a trade war. During the meeting itself, Buffett joked that "if you had bought gold at the time of Christ and you figure the compound rate on it, it's a couple tenths of a percent. He also responded to a question from the audience about bitcoin by saying that it and other crytpocurrencies "will come to bad endings.
Related: Here is what happened at this year's Woodstock of capitalism. It's like somebody else is trading turds and you decide you can't be left.
Munger has also referred to bitcoin as poison. Strong words. But to be fair to bitcoin bulls, both Buffett and Munger have been wrong about the cryptocurrency. What does warren buffet say about bitcoin in particular. So even with the recent pullback, bitcoin has drastically outperformed the broader market, not to mention Berkshire stock and top Berkshire holdings like Apple AAPL.
That's why some cryptocurrency experts think that investors should ignore Buffett's and Munger's repeated bitcoin bashing. We're no longer maintaining this page. Lagarde: Bitcoin regulation 'inevitable'. CNNMoney Sponsors. SmartAsset Paid Partner. These are your 3 financial advisors near you This site finds and compares 3 financial advisors in your area Check this off your list before retirement: talk to an advisor Answer these questions to find the right financial advisor for you Find CFPs in your area in 5 minutes.
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Tiny US soft drinks firm changes name to cash in on bitcoin mania
With that in mind, here are what three of the most respected billionaires in the world have said about bitcoin. Outcome: Despite his best intentions, Buffett can't resist a great deal. He called bitcoin "probably rat poison squared," ahead of the Berkshire Hathaway annual shareholder meeting. All rights reserved. We want to hear from you. Theron Mohamed. In an interview before Berkshire's annual meeting, Buffett called bitcoin "a gambling device" and also pointed out that there's been lots of fraudulent activity in the bitcoin world. Buffett is notoriously skeptical that the good times will continue. Plus, Buffett has a pretty solid track record of pointing out irrational investment markets. Unemployment has also fallen from 8. Squawk Box. It's a mirage, basically Yet the Oracle of Omaha couldn't resist making a few guesses about the future over the years. It took nearly 20 years for Buffett to prove himself wrong on the first count. Billionaire investor and Shark Tank star Mark Cuban seems to have mixed feelings on bitcoin. Many people have made speculative investments in the currency, with no upper limit to the price of a "coin" in sight.