Warren Buffet has shown over the years that he’s two things – outspoken and controversial. Never afraid to share his opinion, it appears that the famous American business magnate once again has the cryptocurrency market in his crosshairs. In a series of comments made at the Berkshire Hathaway 2018 annual shareholder meeting he has openly condemned Bitcoin, even going as far to label it as “rat poison squared.”
Buffet Doesn’t Dig Bitcoin
Nicknamed the Oracle of Omaha, Buffet has reiterated his negative view on Bitcoin, even if it does fly in the face of a changing financial sector. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth.” Buffet said. This comes off the back comments made in January, where Buffet warned investors that Bitcoin – along with other cryptos – was nothing more than a craze.
It’s not just Buffett that has resorted to using childish insults as a way to demean the cryptocurrency market. Charlie Munger (Berkshire Hathaway Vice Chairman) rallied on the comments made by Buffet when he said that trading in cryptocurrencies is “just dementia.” He made similar statements back in January when he labeled Bitcoin as “totally asinine” and said that there is only an interest in it ”because everybody wants easy money.”
Dinosaurs Behind the Times
In the past, Buffett and company’s words on Bitcoin might have had an audience. But, the childish nature of these latest comments has been led them to be ridiculed. The perspective of Bitcoin within the finance sector is changing, with likes of Buffett and Munger now appearing behind the times. Just a few days ago Goldman Sachs announced plans to launch a Bitcoin trading operation, with the bank even stating that Bitcoin “is not a fraud.” Developments like this certainly go against what Buffett and Munger have to say.
Silly, childish, and – as per usual – unfounded, Buffett might be vocal with his anti-Bitcoin comments, but he isn’t fooling anyone this time around.