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Warren Buffett has changed his mind about gold as an investment, which has made some people think he could do the same with bitcoin. Max Keizer predicted that Berkshire Hathaway CEO would panic buy bitcoin at $ 50,000.
Buffett changes his mind on gold, Bitcoin could follow
Billionaire investor Warren Buffett had always had a negative view of gold as an investment. He has previously stated on several occasions that he prefers to buy stocks of good companies rather than gold investments. This has changed, however.
Buffett’s firm, Berkshire Hathaway, revealed on Friday that it had dumped bank stocks and taken a position in a gold miner. The price of gold recently climbed to over $ 2,000 an ounce. Berkshire Hathaway completely closed its position in Goldman Sachs, reduced its position in JP Morgan Chase by 61% and sold stakes in Wells Fargo and PNC. Instead, the company bought a stake in Barrick Gold, one of the major gold mining companies, pushing the miner’s shares up on Monday with those of its competitors.
Another investment that the Oracle of Omaha has not hidden is bitcoin. In 2018, he called the cryptocurrency a “squared rat poison”. In February, he had lunch with Tron founder Justin Sun and the executives of several other crypto companies. Sun gave him his first bitcoin, stored in a Samsung Galaxy Fold phone. However, the billionaire investor donated it to charity and pointed out that he will never own bitcoin.
Nonetheless, Buffett’s change in stance on gold made people in the crypto industry wonder if he would do the same with Bitcoin. Jason Williams, co-founder of Morgan Creek Digital, tweeted on Saturday:
Buffett sold banks and bought gold. He will soon be buying bitcoin.
While a few people in the crypto niche have seen Buffett’s change of heart on gold as an optimist for bitcoin, many on social media still don’t believe he will ever invest in BTC. One Twitter user said, “He doesn’t understand the technology, but he’s as old as gold, so that makes sense.” Another suggested he was too stubborn to buy bitcoin. “His pride is much more precious to him,” conceded a third user. A few believe that the CEO of Berkshire Hathaway has already been secretly invested in bitcoin.
Some people have tried to guess at what price point Buffett would start buying bitcoin. Max Keizer, popular television personality and bitcoin supporter, considers Buffett’s gold investment to be positive for bitcoin. Believing that the CEO of Berkshire Hathaway will start to panic by buying the cryptocurrency at $ 50,000, the same level that he believes would attract gold bug Peter Schiff and veteran investor Jim Rogers, Keizer tweeted:
Warren Buffett will start buying bitcoin in panic at $ 50,000, just like Peter Schiff.
Do you think Warren Buffett will change his mind about bitcoin? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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