Yesterday, we reported that Berkshire Hathaway CEO Warren Buffett was again bashing bitcoin, and for not taking it seriously, he’s potentially missed out on some big profits.
We Shouldn’t Want the Presence of Buffett in Crypto
Now, one source claims that if Warren Buffett were to ever change his mind about the world’s number one cryptocurrency by market cap and become a serious investor, that might be a sign that it’s time to sell one’s stash.
It’s interesting because Buffett recently sat down to lunch with Justin Sun, the CEO of TRON – one of the world’s top altcoins. Sun gifted him a phone with an entire bitcoin on it and swore to his followers and fans that he would work his tail off trying to make Buffett a believer.
Buffett commented that he enjoyed his time with Sun, and that he was intrigued by some of the ideas he presented during their lunch meeting. He said:
When Justin and four friends came, they behaved perfectly, and we had a very friendly dinner and the whole thing was a very friendly exchange of ideas.
While the two seemed to get along well during their initial meeting, it seems like all of Sun’s alleged efforts to change Buffett’s mind were in vain, as the real estate mogul is once again attacking BTC every chance he gets.
In a recent interview, he states:
Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: zero. I don’t have any cryptocurrency and I never will.
Apparently, he’s forgotten about the phone Sun gave him. In any case, men like Buffett getting involved in crypto could potentially be a bad sign that the market is becoming “overheated” or saturated. In other words, too many people are getting involved, which could lead to an influx of activity and a responding price drop.
Buffett is, however, taking flack from people like Anthony Pompliano, the co-founder and partner of crypto-based financial firm Morgan Creek Digital. Recently, Buffett admitted to utilizing a flip phone all these years and has only recently upgraded to a “smart” edition. In an age of growing technology and gadgets, Buffett clearly hasn’t kept up with the times.
Pompliano took note of that, explaining:
I really don’t take technology advice from somebody who uses a flip phone or doesn’t use email.
A Follower of “Old” Ideals
Former e-Toro analyst Mati Greenspan also takes issue with Buffett’s attitude, saying he represents a world that is no longer in motion. He stated:
Buffett made his billions in a world that doesn’t exist anymore. Whoever the oracle of the next generation will be, my feeling is that they’ll have a much keener understanding of emerging technology and will be less reliant on baseless fiat money.
In the past, Buffett has referred to bitcoin as “rat poison squared.”
