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A startling statement from US investor Warren Buffett described Bitcoin as more of a ‘rat poison’ whose value only comes from the optimism that someone else will come and pay you more to buy it.
He said: “Bitcoin is a non-performing asset and has no real value. I don’t have any cryptocurrency in my wallet and won’t own it in the future.”
Additionally, he said the Coronavirus is the time to borrow at low interest, highlighting his focus on stocks of strong companies that are undervalued and “hold them for a long time.”
Bitcoin rose on Wednesday, helped by favorable comments from Cathy Wood, head of Arch Investment Management.
The largest cryptocurrency rose 7.2% to around $ 51,393 and was trading around the $ 50,000 level in Asian trading.
This recovery comes after a difficult week for the cryptocurrency, which collapsed near the $ 45,000 level yesterday, which renewed doubts about the sustainability of Bitcoin’s boom and made it mind blowing.
Fed Chairman Jerome Powell bolstered investor sentiment in general after indicating on Tuesday that the central bank was not close to unwinding its current quantitative easing policy.
In turn, Wood said in an interview with Bloomberg that she was “very positive about Bitcoin, and very happy to see a healthy correction to current levels,” according to what was seen by “Al-Arabiya. .net”.
Bitcoin is still below its recent all-time high of $ 58,350, which it retreated after Tesla CEO Elon Musk said in his tweet on Twitter that Bitcoin prices “appear to be high, after the ‘having described earlier as a “less stupid version of money”.
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