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Warren Buffett stated in an interview that Bitcoin and other crypto have no value. He didn’t change his opinion even though Justin Sun claimed to have given him some crypto assets after the lunch they had together.
Warren Buffett claimed crypto including Bitcoin has no value, which is the main reason he does not own any and never will. His sentiments were taken strongly by the crypto community that thought he had changed his mind after spending a lunch meeting with Tron Foundation CEO Justin Sun.
His notion on cryptocurrencies leaves the crypto community with an answered question, is Mr. Buffett right or is he disqualifying crypto-asset due to his immense wealth? Buffett has been a strong critic of the cryptocurrencies where he was once quoted calling Bitcoin a ‘probably rat poison squared’.
To support his sentiments was the Berkshire Hathaway Vice Chairman Charlie Munger, who called Bitcoin a ‘turd’ and the act of trading it just dementia. Buffett and colleague investor Peter Schiff have been very strong critics of cryptocurrencies. Hardly does a week passes without Schiff giving a negative comment about Bitcoin or even altcoins.
The reason why most aged investors are shying away from the crypto sphere remains a mystery to most crypto enthusiasts and investors who have made millions if not billions in the industry. However, the phenomenon can be understood by the fact that the real world economy has been declining for the common and middle-income earners while the wealthier accumulate even more.
Is Warren Buffett Just Beefing on Crypto?
Warren Buffett and other ‘obsolete’ investors have been disqualifying cryptocurrencies based on the notion they have acquired with time. However, with Bitcoin and altcoins doing better than most U.S. stock markets, it leaves most thinking, if the beef is based on facts or just hatred on the crypto assets.
Blockchain technology and cryptocurrencies have emerged in the economy in the past decade, tech advancement has been revolutionizing the finance ecosystem all over the world. However, the skills of understanding crypto tech and applying it in the real world is seeming a hard time for the old generations.
Thre is a theory put forward by crypto enthusiasts that most old generation investors are not attracted to the new tech advancement to avoid being at the mercy of crazy speculation trading. With Bitcoin and altcoins propelled by speculations and economic crises like the one in China due to coronavirus, maybe they have a point to realize that the millennials and crypto enthusiasts can not grasp.