For many years, the business tycoon Warren Buffet has condemned bitcoin as an investment telling people that the crypto asset is nothing but gambling. Two years ago, just before a Berkshire Hathaway 2018 annual shareholder meeting, Buffet said bitcoin is “probably rat poison squared.” Despite the investor’s criticism, the crypto asset’s market capitalization has surpassed Buffet’s multinational conglomerate holding company, Berkshire Hathaway, in net value.
Bitcoin has a lot of haters, including people like Jamie Dimon, Peter Schiff, and Nouriel Roubini. In addition to these pundits, the American investor and chairman and CEO of Berkshire Hathaway, Warren Buffet, doesn’t like bitcoin either. For many years now, the executive who developed an interest in business and investing in his youth has disliked bitcoin (BTC) with a fervent passion. Two years ago, Buffet explained that purchasing the crypto asset is not an investment.
“You aren’t investing when you do that,” Buffett stressed in 2018 during an interview in reference to buying bitcoin. “You’re speculating. There’s nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.”
Then during a discussion with CNBC’s Becky Quick, Buffet further explained that bitcoin is “probably rat poison squared.” Moreover, on Valentine’s Day 2018, Buffet’s partner and Berkshire Hathaway’s vice chairman, Charlie Munger, said he detested bitcoin. During the company’s annual shareholder meeting Munger said the crypto asset was “noxious poison” and “disgusting.”
“I never considered for one second, having anything to do with [bitcoin],” Munger insisted. “I detested it the minute it had been raised. The more popular it got, the more I hated it. It’s just disgusting that people have been taken in by this.”
Despite the bigwigs at Berkshire Hathaway hating on…