Published: Thu, May 10, 2018
Economy | By Shawn Conner

Bitcoin price retreats from $10k after Bill Gates and Warren Buffett bashing

Bitcoin price retreats from $10k after Bill Gates and Warren Buffett bashing

Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful. Charles Munger, the VP of Berkshire Hathaway and long-time friend and collaborator, was also part of the interview session.

"And the fact that it's clever computer science doesn't mean that it should be widely used and that respectable people should encourage other people to speculate on it", he said.

Gates, the co-founder of Microsoft, said blockchain technology is "a good thing", providing a secure way to record transactions but said investing in cryptocurrencies is "a insane, speculative thing".

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There are certainly valid arguments to be made that Buffett and Munger "just don't understand" bitcoin and other cryptocurrencies.

Cost bitcoin fell sharply after criticism of Bill Gates and Warren Buffett.

Gates dismissed bitcoin as an asset class saying it does not support any real production activity and as such, there was no reason why it should be expected to increase in value.

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Holding court at Capitalist Woodstock over the weekend, The Oracle called bitcoin "rat poison squared". He also said that bitcoin is a "greater fool theory" kind of investment. It should be noted that Bill Gates has already changed his attitude to crypto-currencies several times. His concerns regarding Bitcoin price also stem from a security standpoint with concerns that the anonymity and lack of traceability of the currency may contribute to funding illegal activities - stating it has "caused deaths in a fairly direct way".

Buffett's company, Berkshire Hathaway, is the biggest shareholder in Wells Fargo, which has been mired in scandal for more than a year. In the investment world, shorting is when you bet against an asset and make money if its value falls.

Mr Green comments: “It comes as little surprise that Mr Buffett and his 94-year-old business partner, Charlie Munger, criticized cryptocurrencies at their annual meeting. It's still the most valuable cryptocurrency out there, though the dip in value further underscores the volatility of digital coins.

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