"The Bitcoin gaming device has not produced anything"

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By NCC: Warren Buffett, 88, does not get ready for cryptography after all. Speaking in what has been dubbed the "Woodstock of Capitalism", the billionaire investor explained to Berkshire Hathaway's shareholders what he really thought of bitcoin. The annual shareholders' event of his company is being held in Omaha today, and he just could not resist the digital currency complaint that he just did not understand. Buffett reportedly said:

"It's a gaming device … there have been a lot of frauds related to it. There have been disappearances, so there are many things lost. Bitcoin did not produce anything. "

At least Buffett did not call it "rat poison" as he did last year. His criminal partner, Charlie Munger, has already compared crypto trading to "dementia". Buffett's shareholders will likely visit Omaha just to hear what he's going to say about the crypto revolution that is storming the economy.

Bitcoin

The price of bitcoin is rising to $ 5,700. | Source: CoinMarketCap

Bitcoin "is not an investment"

Buffett did not stop there. He then insulted investors who not only benefited from Bitcoin's peer-to-peer nature, but also suggested that it was not an investment at all. Tell the cryptographic community of 100 million people, many of whom have seen their portfolios soar since the price of bitcoin reached a new high for 2019 this week. Buffett is digging his own grave, so to speak, saying:

"It does not matter. He just stays there. It's like a shell or something like that, and it's not an investment for me.

The market capitalization of Bitcoin is now $ 101 billion; it has gone up from $ 89 billion in the last two weeks. If it's a shellfish, bring us to the beach so we can start collecting them.

It should not be forgotten that his shares, Berkshire Hathaway, of his own company, have underperformed the entire stock market since the beginning of the year. It posts gains of 8% against a double-digit percentage for the S & P 500. And the stocks are in the middle of a historical uptrend. So, probably, he just can not see the value of cryptocurrency because he does not want to.

Berkshire Hathaway

Berkshire Hathaway shares have underperformed the S & P 500 since the beginning of the year. | Source: Yahoo Finance

ICO button by Warren Buffett

He then seemed to make fun of the post offices because he really could not say bitcoin when he said:

"I'm going to snatch a button here. What I'll get here is a small pledge … I'll give it to you for $ 1,000, and I'll see if I can get the price up to $ 2,000 by the end of the day … But the button has a use and it is a very limited use. "

Hmm, let's see. Bitcoin is a store of value that rivals gold. It is a peer-to-peer digital currency that offers migrants a way to send money to their families faster and cheaper than any other way. which money transfer service without the blockchain. And since it is decentralized, it is not subject to any fads on the part of the central bank or the government that uses the printing press and causes inflation.

Whether he's aware of it or not, Buffett broadcasts FUD about Bitcoin and the blockchain saying:

"The blockchain … is very big, but it does not need bitcoin. J.P. Morgan, of course, came out with his own cryptocurrency. "

The pioneer of the block Wences Casares has already stated that people who do not recognize the value of bitcoin but believe in blockchain technology demonstrate an "ignorance of the operation of the system".

"The blockchain does not exist without bitcoin … If you remove the bitcoin, the miners would disappear, as would the blockchain."

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