Warren Buffett says Bitcoin-style currencies "will come to a bad end"

Asking 86 year old Warren Buffet about cryptocurrency is like asking Don Draper's opinion on internet stocks

lol libs wrote:

Asking 86 year old Warren Buffet about cryptocurrency is like asking Don Draper's opinion on internet stocks

how so?

Warren Buffet is god!!!!

The dude still uses a flip phone. He's out of touch on this topic.

Mr. Buffet is a value investor.

Bitcoin does not issue a dividend and must be considered a growth stock.

SouthernFriedRealist wrote:

The dude still uses a flip phone. He's out of touch on this topic.

He also still lives in a home he purchased for about 75k. He also happens to be one of the top five richest men in the world who moves markets simply by speaking. I’m sure all of you little pukes are more intelligent than him and will surpass his success, but let’s at least give him a little respect.

Loser stop. wrote:

SouthernFriedRealist wrote:

The dude still uses a flip phone. He's out of touch on this topic.

He also still lives in a home he purchased for about 75k. He also happens to be one of the top five richest men in the world who moves markets simply by speaking. I’m sure all of you little pukes are more intelligent than him and will surpass his success, but let’s at least give him a little respect.

You are the person showing a lack of respect, ironically.

What they said is true, and Buffet himself says he is out of touch on this topic, as he is quoted in the article as saying "‘I get into enough trouble with things I think I know something about’," implying that he admits he doesn't know about it. And the poster you insulted said "He's out of touch on this topic." Not so different. You are out of line, in my opinion.

lol libs wrote:

Asking 86 year old Warren Buffet about cryptocurrency is like asking Don Draper's opinion on internet stocks

This was essentially what people said about Buffett during the dot com bubble.

You want to listen when he talks about financial matters because he is looking at the fundamentals and interest in the currencies is the only thing keeping them up. Just think for a second what it would be like to have an economy run on a currency that wildly inflated or deflated on a daily basis: Bolivia in the 1980s, Germany in the 1920s, ...

Good for you if you've made a lot of money off of crypto-currencies but don't be too greedy: take your profits and spread the risk at the very least if you want to continue the ride.

For now Buff has the only advice around because there has never been a neutral world reserve currency. The Mongol Empire has the 1st world reserve currency 800 years ago. The US dollar reigns supreme today. Bitcoin or some cryto will in due course become the world's reserve currency, but this time it will not be controlled by one country. Instead it is open source like Unix, Linux, Java, Android, ...

What you said doesn’t make any sense at all.

It doesn’t seem like you understand stock markets, programming or economics.

Just wait and wait wrote:

For now Buff has the only advice around because there has never been a neutral world reserve currency. The Mongol Empire has the 1st world reserve currency 800 years ago. The US dollar reigns supreme today. Bitcoin or some cryto will in due course become the world's reserve currency, but this time it will not be controlled by one country. Instead it is open source like Unix, Linux, Java, Android, ...

The invention of Crypto has been compared to the invention of Fire by the Ancient Africans

They might be over the top

I would say though that it will take 20 years for the public to adapt to Cryptos

First, crypto is a commodity not a currency. Second, Buffett would tell you the same about Amazon or really any tech stock because he only invests in what he understands. Third, I don't think anyone involved in crypto would argue that we are not in the midst of a massive and highly speculative bubble. Like the dotcom bubble, 95% of the current crypto projects will be defunct in five years, but the 5% that survive will be highly valuable.

Warren Buffett does own some tech through Berkshire and the S&P, but he does NOT own crypto and for good reason!!! He knows it's junk!!!

ThatAverageRunner wrote:

Warren Buffet is god!!!!

He pretty much is. As one of the worlds richest people and most successful investor of all time, his advice is very simple

He says "the stock market is a device for transferring wealth from the impatient to the patient."

OR, letsrun crowd can always choose to listen to this guy instead of the 4th richest man:

atomic swaps wrote:

First, crypto is a commodity not a currency. Second, Buffett would tell you the same about Amazon or really any tech stock because he only invests in what he understands. Third, I don't think anyone involved in crypto would argue that we are not in the midst of a massive and highly speculative bubble. Like the dotcom bubble, 95% of the current crypto projects will be defunct in five years, but the 5% that survive will be highly valuable.

what makes you call it a commodity? it is indeed a currency. i don't have any money invested but i seem them taking off. the US dollar have no gold backing anymore. there is, similarly, nothing backing these currencies.

electron1661 wrote:

atomic swaps wrote:

First, crypto is a commodity not a currency. Second, Buffett would tell you the same about Amazon or really any tech stock because he only invests in what he understands. Third, I don't think anyone involved in crypto would argue that we are not in the midst of a massive and highly speculative bubble. Like the dotcom bubble, 95% of the current crypto projects will be defunct in five years, but the 5% that survive will be highly valuable.

what makes you call it a commodity? it is indeed a currency. i don't have any money invested but i seem them taking off. the US dollar have no gold backing anymore. there is, similarly, nothing backing these currencies.

Fiat currencies have value because the government demands payment of taxation. If you owe the US government $15k you cannot give them 1 bitcoin, or 10 ounces of gold, or an equivalent amount of foreign currency.

You can debate whether this is good, but that is why they have value.

Meanwhile, back at the ranch, the Millenials were dumping their hard-earned Uber tips into crypto currencies.

Block Chain technology is here to stay, but in ways that are totally irrelevant to crypto currencies.

Remember: Pigs get rich. Hogs get slaughtered.

I'm standing by the Oracle of Omaha on this one.

138,336 Feet to Pure Bliss wrote:

Mr. Buffet is a value investor.

Bitcoin does not issue a dividend and must be considered a growth stock.

It's not a stock.

Cryptocurrency is what it is. A highly volatile and risky investment with high return potential. It's a gamble. It's the same as sitting at a table in Vegas, with possibly less strategy involved. My friend has gone from $1300 to $117k this year trading cryptos. Should probably get out, but gamblers have a hard time walking away from a hot hand. Buffett is right, it will come to a bad end, but meanwhile for the short term it's doing great.