Should We Listen to Warren Buffett and why not

Written by on May 8, 2018

Warren Buffett appeared on CNBC and again warned investors not to invest in Bitcoin. When asked about his current view about Bitcoin in reference to his previous statement Bitcoin being rat poison, which was a few years ago when Bitcoin was about $100, Warren answered rat poisoned squared”

 

Becky Quick from CNBC Squawk Box

 Warren repeatedly had defamatory statements against Bitcoin and other cryptocurrencies:

In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.

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

Why should we listen to Warren Buffet?

  • Known as the ”Oracle of Omaha” he is one of the most successful investors of all time
  • A net worth of around $84 Billion as of May 8th
  • He runs Berkshire Hathaway, which owns more than 60 companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen
  • The son of a U.S. congressman, he first bought a stock at age 11 and first filed taxes at age 13
  • He has committed to giving more than 99% of his fortune to charity. So far he has given nearly $32 billion

 

Warren Buffett on Bitcoin | January 2018

As seen above he is more than just an extraordinary man. With a lifetime experience in the old financial world. Which also explains his impact in the world of old financial assets.  Which is the exact reason to ask the question?

 

Why shouldn’t we listen to Warren Buffet, when it comes to Cryptocurrencies?

  • Being born in 1930 in Omaha, Nebraska he will be 88 years old this year. Why is this a negative point in the digitalization environment? Because things  but they have transcended physical form like money in the bank account is not physical money in the Bank but is in Binary (code from 1’s and 0’s). 
  • Doesn’t invest in Cryptocurrencies because he doesn’t know enough about them
  • He said ”I am no genius I just stay within my circle of competence” which explains his resistance to invest in the new economy

 


 

What do you think? Leave a comment below.

 

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