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Gates and Buffett bully bitcoin

Buffett called bitcoin a "nonproductive asset." (Source: Worldnews)
Buffett called bitcoin a "nonproductive asset." (Source: Worldnews)
It appears neither Bill Gates nor Warren Buffett are the greatest fans of bitcoin. Both men have been recently reported saying rather disparaging things about the famous cryptocurrency, which may have prevented bitcoin from achieving a five-figure value for the first time since March. Regulation concerns are believed to have also contributed to the slight dip in price.

Just as bitcoin was soaring back to five-figure levels (reaching US$9,932 on May 5), two of the world’s richest people decided to bring it back down to Earth with a bump. Bill Gates had this to say about the leading cryptocurrency while talking on CNBC’s business news show Squawk Box:

I agree I would short it if there was an easy way to do it.

Gates (value US$91.7 billion) vs. bitcoin (value US$160.8 billion) seems like an unfair tussle, so fortunately fellow mega-rich Apple tech-lover Warren Buffett (value US$84.4 billion) was on hand to side with Bill. Apparently, the master of investment was a little harsher in terms of criticism than the Microsoft co-founder. He was reported making this choice comment about bitcoin:

It’s probably rat poison squared.

Strangely enough, that was not the most extreme comment reserved for cryptocurrency at the recent Berkshire Hathaway annual meeting. The holding company’s vice-chairman, Charlie Munger (value US$1.69 billion), was even more hostile in his opinion of decentralized currency:

I like cryptocurrency even less than Warren me it's just dementia.

And on bitcoin trading desks:

[...] like somebody else is trading turds and you're being left out.

All Gates, Buffett, and Munger need now is for Jeff Bezos (value US$132.2 billion) to join in the anti-bitcoin fray and the cryptocurrency will be back down to three-figure levels again in no time. The continued expectation of regulation is also believed to have prevented bitcoin crossing the US$10,000 mark.



Twitter (account for Becky Quick)

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Daniel R Deakin, 2018-05- 8 (Update: 2018-05- 8)