Warren Buffett finally had his meeting with Justin Sun, in which he got some free crypto, but it apparently didn’t change his mind on the digital currency movement. Buffett has actually doubled down on his negative stance toward crypto.
As one Twitter user points out, Buffett has definitely been wrong before. He was also short on Google and Amazon, two of the biggest unicorns in history.
Projects deemed “worthless” by Warren Buffett
– Amazon
– #BitcoinHe’s already had to write apology letters to his shareholders for being so damn wrong about the first two, the third will come soon enough.
Some people will never get it, he is one of them – That’s ok
— Justine (@ThemeanJustine) February 25, 2020
Warren Buffett Is Many of Us
Another member of the BitStarz News team, Mark Hunter, says that Warren Buffett is the past. It essentially doesn’t matter if Buffett supports cryptocurrency.
But Warren Buffett exists everywhere. By this I mean, our generation has its own Warren Buffetts. There is a whole class of people who still use checkbooks and still transact primarily with cash. Many of these people are well below octogenarian years of Warren Buffett.
Which is to say that we can write off Warren Buffett and his dismissal of cryptocurrency all we want, but we’re always going to have a healthy sized portion of the population who feel just the same, if not worse: ignorant.
Ignorance about cryptocurrency is far more common than knowledge.
The same Warren Buffett who wouldn't invest in tech companies, Google, because he didn't see the value
Continues to think the same about Bitcoin and other crypto assets
More for us https://t.co/Vjy51aKmkI
— Josh Rager ? (@Josh_Rager) February 24, 2020
Warren Buffett isn’t necessarily ignorant, just like he wasn’t about other major changes in the investing world. He knew what Google was, he simply dismissed it as an investment option. Same thing for Amazon. Buffett’s never even invested in Microsoft. Suffice to say, technology isn’t his game.
The point is that Buffett’s far from the only one. And we can’t simply say that the next generation won’t have that problem, because there’s no evidence of that. While people are becoming more technologically literate thanks to the smartphone revolution, there’s nothing saying that will translate to an interest in cryptocurrency.
The Real Future of Bitcoin
Government-issued cryptocurrencies may throw yet another kink in that theory. People might be attracted to the idea of transacting primarily with their phones, but the government will cover their needs. It’s almost easier to imagine that than it is to imagine a world where people are by and large using cryptocurrencies.
Bitcoin’s way forward might be in the background, anyway, as a fast payments layer thanks to Lightning Network.
Buffett’s motives might be more than simply a distaste for technology in the case of Bitcoin. As this Twitter user points out, Buffett holds massive stakes in several banks.
Warren Buffett is one of the largest shareholders of Wells Fargo, Bank of America, BNY Mellon, Goldman Sachs, US Bancorp, JP Morgan Chase, Moody’s, and Amex.
Of course he doesn’t like bitcoin.
— Lolli ? (@trylolli) February 24, 2020
But the narrative that Bitcoin actually threatens banks in any way is tired at this point in its history. Bitcoin has been around long enough that if it were a threat to banks, banks would have started having problems by now. The fact is banks and Bitcoin offer something quite different, and they are more likely to coexist than compete.
Warren Buffett, at 89 years old, is unlikely to ever accept Bitcoin. Even if he has more than most people, as gifted to him by Justin Sun, it’s just not in him. As others have noted, that has little bearing on the actual future of cryptocurrency. We didn’t need Warren Buffett’s support before it turned out he wasn’t giving any.
Nevertheless, the lack of wisdom in the long game of Buffett should be a lesson to those who follow him too closely. He’s already missed out on the most valuable companies and most valuable assets in history, bar none.
What else do you want him to lead you wrong on?
