The legendary investor and CEO of Berkshire Hathaway, Warren Buffett, has been sending strong messages to longtime investors that they are going to lose massive amounts of money in Bitcoin. For example, ‘rat poison’ was a phrase he used to describe Bitcoin recently.
Buffett’s words were enough to reduce Bitcoin’s rally, which started towards $10,000, to $9,000.. Other major cryptocurrencies have followed suit as well.
Warren Buffett is a difficult name to argue with, but some crypto experts speaking to Forbes think he is wrong about his Bitcoin assessment.. Darren Marble, CEO of CrowdfundX, is one of them.. “While Warren Buffett makes the right calls for many investments, he is wrong with Bitcoin because he is completely uninformed about this technology.. How can someone who doesn’t use email appreciate Bitcoin? They can’t.”
Marble also drew attention to Bitcoin’s strong performance against Berkshire Hathaway in the last 3 years and said:
“If you invested in Berkshire Hathaway stock three years ago If you were, you would have a profit of 30 percent.. If you had invested in Bitcoin three years ago, you would have made a 100x return.”
And he made a clear prediction:
“Years later, when the dust clears, Bitcoin will be the success of its career. It will be his biggest miss.”
Sagewise chief technology officer Daniel Rice said, “Buffett and I disagree on the view that Bitcoin is a zero-sum game.. Bitcoin behaves differently from more traditional investments, but that’s not a negative for us. Traditional investors often forget that Bitcoin is actually a technology infrastructure.” Daniel Worsley, COO of LocalCoinSwap, said: “Bitcoin has brought a lot of innovation in the last few years.. Revolutionary Blockchain technologies showed alternatives to many industries and assets. Money, insurance, contracts, computing power and even voting are now more fair and efficient thanks to Bitcoin and Blockchain. Warren Buffett used to say ‘Invest in what you know’. This is advice you should definitely follow!”
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