Hint: Warren Buffett says bitcoin is ‘rat poison’
Bitcoin was trading at $9,357 on Bitfinex today — down 6.3 per cent from the recent mark of $9,990 — following critical remarks from two billionaires over the weekend.
Echoing the words of his business partner Charles Munger, billionaire Warren Buffett called bitcoin “probably rat poison squared” at Berkshire Hathaway Inc.’s annual shareholder meeting on Saturday.
He also responded to a question from the audience by saying that bitcoin and other cryptocurrencies “will come to bad endings.”
Meanwhile, Microsoft founder Bill Gates told CNBC that he would bet against bitcoin as it was a “greater fool” investment. Gates further said that “as an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.”
The digital currency has had a roller coaster year so far. After touching record highs of $20,000 last December, the digital currency fell by nearly 70 per cent to its low in February below $6,000.