Monday, 22 October, 2018

Billionaire Warren Buffett Calls Bitcoin 'Rat Poison Squared'

Traders work on the floor of the NYSE in New York Traders work on the floor of the New York Stock Exchange in New York U.S
Scott Davis | 07 May, 2018, 15:02

Following the February 14 school shooting at Marjory Stoneman Douglas High School in Parkland, Florida, Buffett told CNBC: "I don't believe in imposing my views on 370,000 employees and a million shareholders".

His advice came two days after Berkshire shareholders held their annual meeting in Omaha.

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he characterises as "rat poison squared", thrive on the hope they'll find someone else who will pay more for it.

"If you don't understand it, you get much more excited", Buffett said on CNBC television.

"Please tell us you misspoke", the questioner asked, via an email read to Buffett by New York Times journalist Andrew Ross Sorkin.

Earlier this week, Buffett revealed that he had bought 75 million additional Apple shares, which means that Buffett now owns approximately 5 percent of Apple.




Apple developers products that Buffett describes as being "extremely sticky, meaning that customers become attached to these products and in turn support Apple as a company". The comments were first reported by Reuters.

Even after the Apple investment, Berkshire's holdings of cash and equivalents was $108.6 billion (roughly Rs. 7.25 lakh crores), the company has said.

Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock.

Buffett also spoke about one of Apple's main rivals - Google - admitting it had been a mistake for Berkshire not to invest in Alphabet, its parent company, and Amazon.

"My phone is not ringing off the hook with good deals", he said.

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