Billionaire investor Warren Buffett says no to Bitcoin. Here's why

09 May, 2018, 00:47 | Author: Natasha Holloway
  • Bill Gates Pours Cold Water on Bitcoin, Says He'd Short It

"I agree I would short if there was an easy way to do it". Buffett said investors would instead be much better off investing in USA stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds. Gates further said that "as an asset class, you're not producing anything and so you shouldn't expect it to go up".

Tyler Winklevoss, the cofounder of crypto exchange Gemini, is telling Bill Gates to put his money where his mouth is after the billionaire said he would short bitcoin if he easily could.

That interview comes following the Annual Shareholder Meeting Saturday, in which both Buffett and Munger doubled down on their distaste for Bitcoin.

By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value.

The recent price movements of BTC/USD give a good indication that Bitcoin could be staying above $9,000 for a while. The investors that manage to cash in on such a type of investment are the ones who end up cashing out on time.

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And Buffett described it as a mistake that he never thought Alphabet Inc's Google and Amazon.com Inc made sense as investments for Berkshire. So Buffett says anyone buying bitcoin is betting that someone else will pay more for it later.

Though Bitcoin has been around for almost a decade, the cryptocurrency didn't really become a true mainstream phenomenon until late 2017 when the price of Bitcoin shot up from about $5,800 to almost $20,000 in the span of just four weeks.

"Cryptocurrencies will come to bad endings."

The Microsoft founder considers digital currencies to be too risky for long-term commitments for private investors as well as for institutional ones.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value. The continued expectation of regulation is also believed to have prevented bitcoin crossing the US$10,000 mark.

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