Warren Buffet has always been wary of bitcoin, in previous interviews he has dubbed it a “rat poison squared” but has always appreciated blockchain; the technology behind BTC.
Warren Appreciates Blockchain
Warren Buffett is a world-renowned technology investor. He has amazing investing skills that has made him stand out over the years. The fact that he hasn’t been able to stand for digital currencies is quite a surprise to many.
Even more surprising is the fact that he applauded the technology behind Bitcoin and other cryptocurrencies also known as blockchain technology.
He said in an interview with CNBC that, “Blockchain…is very big, but it didn’t need bitcoin”.
Warren Buffet Dubbed Bitcoin a gambling device. He said, “It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.”
He further said the coin has limited use, it does nothing, sits on a spot like a seashell or a button.
Buffett’s impressions about cryptocurrencies have a serious impact on mainstream investors because of his track record of making pristine investment decisions.
Thr statements by Buffett have caused quite a stir in the crypto space as many reacted to it.
Anthony Pompliano tweeted:
Warren Buffett fears Bitcoin.
It stands to disrupt the entire system that allowed him to build one of the greatest fortunes the world has ever seen.
Every great empire falls though and Bitcoin will give a number of people a level of wealth that Buffett will envy.
— Pomp 🌪 (@APompliano) May 4, 2019
Bitcoin on the Rise Again
After the bearish market in 2018, where Bitcoin showed a lot of resilience, managing to stay afloat irrespective of the downturn of cryptocurrencies in general. Presently, the coin is on the rise, surging from $3,736 to $5,760 in 2019.