Warren Buffett, one of Wall Street's biggest money wizards, hates Bitcoin. Cryptocurrencies, especially Bitcoin, are seen as an investment tool for people. As crypto coins gain value, interest in cryptocurrencies also increases. But Warren Buffett, CEO of the American Berkshire Hathaway investment firm, has harsh criticism of whether Bitcoin is an investment vehicle.
Warren Buffet is the 7th richest person in the world with a fortune of $ 88.8 billion. So they have more experience and knowledge of making money than most people. American investor Buffett describes Bitcoin as a worthless illusion and "Rat poison".
Warren states that he sees Bitcoin and other cryptocurrencies as a worthless investment tool and expresses it is risky. He almost rejects Bitcoin and other cryptos, saying he expects a bad end with cryptocurrencies. Here are Warren Buffett's quotes about Bitcoin and other cryptocurrencies:
Bitcoin or other cryptocurrencies are not a currency. I wouldn't be surprised if they're not around after 10 or 20 years. Cryptocurrencies are not a permanent exchange tool or a store of value.
A rising price creates more buyers. People think 'I have to get into this.' In this case, it would be better if people did not understand. If you don't understand, you will be more excited than you understand.
It's basically just an illusion. It's a very effective way to transfer money anonymously. Checks can also transfer money, but do they have any value just because they can? Hopefully, Bitcoin will find a better way to do this. I think it is just a joke that Bitcoin has value in itself.
In the next 50 years, it will be much better to have productive assets than to have pieces of paper or Bitcoin. These words belong to the year 2014.
His statements for 2018 are below.
In general, I can say that crypto currencies are heading towards a bad end. If I had invested in cryptocurrencies for five years, I would be happy with that. However, I do not spend even a ten cent for a short time.
Even if you and I or someone else buy various cryptocurrencies, they will not multiply. There won't be a bunch of rabbits sitting in front of us. They'll just just stand there. I am getting more from you, hoping you'll get excited after a while. However, we can sit in a house and increase this price together. But after a while, we have to find someone else to buy that Bitcoin. Crypto money is coming to an end.
Bitcoin will feed itself for a while. It will even reach very high prices in the long run. But eventually Bitcoin and other cryptocurrencies will end badly.
Bitcoin is the square of mouse venom! (in a mathematical sense).
