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Learning & News => News related to Crypto => Topic started by: Cordillerabit on April 29, 2018, 12:03:07 PM

Title: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: Cordillerabit on April 29, 2018, 12:03:07 PM
(https://news.bitcoin.com/wp-content/uploads/2018/04/buffett-berk-1068x1068.jpg)

The Oracle of Omaha, Warren Buffett, world renowned investor and head of Berkshire Hathaway, was asked about his views on cryptocurrency, especially that of bitcoin. While not as dour and hateful as his Vice Chairman of just two months ago, Mr. Buffett is not convinced bitcoin is anything more than gambling, a game.

Quote
“You aren’t investing when you do that,” Mr. Buffett, 87, told Yahoo! Finance recently, referencing the world’s most popular decentralized currency. “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.”

Mr. Buffett is actually quite reasonable compared with his longtime partner, Charlie Munger. Berkshire Hathaway’s Vice Chairman told an assembled Los Angeles audience in mid-February, “I never considered for one second having anything to do with [bitcoin], 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.” He’d go on to compare bitcoin to a “noxious poison.”

Traditional finance’s most famous investor is a tad more muted about crypto, but no less skeptical. “There’s two kinds of items that people buy and think they’re investing,” Mr. Buffett continued. “One really is investing and the other isn’t.”

With revenues at nearly a quarter trillion (yes, trillion) USD, Berkshire Hathaway has a lot of influence, especially in popular retail investing. As of this writing a single share of its Class A stock runs a cool $295,995 per, a price the more glassy-eyed of the bitcoin ecosystem say it too will reach one day. Mr. Buffett’s personal fortune hovers around $80 billion (yes, billion). He famously does not invest in what he doesn’t understand. Crypto would seem to fall into that category.

Source (https://news.bitcoin.com/warren-buffett-bitcoin-is-gambling-a-game-not-an-investment/)
Title: Re: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: felixesteban on May 06, 2018, 10:50:09 PM
These guys are constantly talking critical about bitcoin but I think they're the ones who have the most bitcoin. So I don't take it too seriously.
Title: Re: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: altcoingamer on May 14, 2018, 10:48:52 PM
He says stuff sometimes that makes me question his genius.. he basically said something along the lines of "well they're just hoping the price will go up... " Isn't this all investments?  Sure its a bit easier for him to be successful with his buying power.. I know he's had lots of success but he came from a different time and place.  Its like comparing making money off interes in the 80s to what it's like today.. We don't have the same sort of way in to things that he claims is the gospel to getting rich.
Title: Re: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: acmakc12 on May 18, 2018, 05:19:05 PM
When he is 70 years old, how he can know something about bitcoin? these people are not understand what are they talking about...
Title: Re: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: Deci9 on May 20, 2018, 09:28:27 AM
I think Warren Buffet is a traditional investor and that's cool because he has proven himself in his field. But the trend is that cryptocurrencies are more common and understood by younger people. It is true that the crypto space is volatile because it is hasn't got mainstream adoption yet they are the future of money.
Title: Re: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: cowz on May 20, 2018, 12:11:51 PM
If he was younger and more knowledgeable about technology then he would be a true supporter and one of the biggest whales.
Title: Re: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: Alcor on June 01, 2018, 12:35:27 AM
However, Warren Buffett does not say such stupid things. The current bitcoin still reminds something of a gamble, when everyone buys it in the hope that it will rise in price and they will make a profit from it. A coin that does not perform specific functions can not only be recognized as a means of payment, that is, money, about $ 10,000. Where does this cost come from? Only the rush demand and all? That is, it is entirely permissible that tomorrow demand may drop to one dollar? But then this is gambling. Even what we recently saw: the price of bitcoin rises to almost $ 20,000 and then drops to $ 6,500. And do you think that when a good panic occurs, bitcoin is not able to fall even to $ 100? Do you really need this to happen first, finally to believe it? No, do not say that, but the current bitcoin is a gamble. I'm not talking about crypto currency in general, so while only bitcoin is leading.
Title: Re: Warren Buffett: Bitcoin is Gambling, a Game, Not an Investment
Post by: silentcrypto on June 03, 2018, 11:38:41 AM
Quote from: altcoingamer on May 14, 2018, 10:48:52 PM
He says stuff sometimes that makes me question his genius.. he basically said something along the lines of "well they're just hoping the price will go up... " Isn't this all investments?  Sure its a bit easier for him to be successful with his buying power.. I know he's had lots of success but he came from a different time and place.  Its like comparing making money off interes in the 80s to what it's like today.. We don't have the same sort of way in to things that he claims is the gospel to getting rich.
Warren Buffet prefers investing in businesses that are doing something and returning profit for him. he is not a trader either. additionally new technologies for an 80 year old guy who has lived his whole life differently is not something compelling, instead it is scary for him to understand.

and by the way how the hell do you know whether he has invested in bitcoin or not? for all you know, he may be the biggest whale in bitcoin am I right :D