Gates and Buffett bully bitcoin

Warren Buffett chairman and CEO of Berkshire Hathaway left plays bridge with Bill Gates outside Berkshire-owned Borsheims jewelry store in Omaha Neb. Sunday

Earlier on Monday, " Gates stated on CNBC's "Squawk Box" which "bitcoin along with ICOs, I really feel totally [they're some] of those crazier, speculative things".

At Berkshire Hathaway's 2018 Annual Shareholders Meeting over the weekend, Buffett called cyber "unchartered territory" and said the fall-out and business risks from cyber-attacks are "going to get worse, not better".

"As an asset class, you're not producing anything and so you shouldn't expect it to go up". So Buffett says anyone buying bitcoin is betting that someone else will pay more for it later.

Meanwhile, Microsoft founder Bill Gates told CNBC that he would bet against bitcoin as it was a "greater fool" investment.

On the subject of ICOs, he considers them to be speculations of a insane variety.

As Tyler has noted and explained in the tweet above, it is in fact "easy" to short Bitcoin.




Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general.

He additionally responded to a query from the viewers about bitcoin by saying that it and different crytpocurrencies "will come to unhealthy endings".

Though Bitcoin has been around for almost a decade, the cryptocurrency didn't really become a true mainstream phenomenon until late 2017 when the price of Bitcoin shot up from about $5,800 to almost $20,000 in the span of just four weeks.

Bill Gates concluded that the underlying blockchain technology is very important, but cryptocurrencies themselves are worthless. Quoting Buffett, the Reuters report suggested that the billionaire was not at all fond of Bitcoins.

Munger has additionally referred to bitcoin as poison. Though it certainly didn't help that billionaires Warren Buffett, Charlie Munger, and Bill Gates have taken turns criticizing the cryptocurrency in recent days. A trader that sells a futures contract in anticipation of the decline in bitcoin earns money if the purchase price will not shed.

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