When it comes to Bitcoin, there are a lot of different opinions out there. Some people think that it’s the future of currency, while others believe that it’s a huge bubble that’s about to burst. However, one thing that almost everyone can agree on is that Warren Buffett is not a fan of Bitcoin.
Peter Thiel, Paypal co-founder, was one of the keynote speakers at Bitcoin 2022 conference held this last weekend in Miami. He called Warren Buffett a “sociopathic grandpa” and he believes Buffett is the “enemy number one” when it comes to Bitcoin.
Thied said Jamie Dimon (JP Morgan) and Lary Fink (Blackrock) are running a “gerontocracy” and have denounced them as a society ruled by “old people.” against crypto.
Why Buffett thinks that Bitcoin is a big bubble and why it won’t be around in 10 or 20 years
Warren Buffett has never been a fan of Bitcoin, and he’s made his feelings known on several occasions. In an interview with CNBC in 2018, he called Bitcoin “rat poison squared” and said that it was “worse than tulip bulbs.”
Now, it seems that Buffett’s distaste for Bitcoin has only grown stronger. In a recent interview with Yahoo Finance, Buffett said that he thinks Bitcoin is “in a bubble” and that it’s “gambling” rather than investing.
Buffett’s main argument against Bitcoin is that it doesn’t have any intrinsic value. He has said that it’s not a productive asset like a factory or a piece of farmland, and it doesn’t generate any income or dividends.
Buffett also believes that the current craze around Bitcoin is driven by speculation, rather than by actual use cases. He has said that he doesn’t think people are using Bitcoin to buy things, but rather they’re buying it in the hopes that they can sell it to someone else at a higher price.
Ultimately, Buffett doesn’t think that Bitcoin will be around in 10 or 20 years. He has compared it to other speculative assets like gold and silver, which
The article’s writer Noah Jones did not hold any positions in assets or companies mentioned in this article on the date of publication. His opinions are articulated herein, and the reader accepts that some opinions could change as a result of newer information being revealed.
He has over 7 years of experience in crypto trading.
noahjones@crypto.auz.net
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