Tuesday, 14 August, 2018

Warren Buffett says economy remains strong

Winklevoss Gemini Ethereum Ether Tyler Winklevoss has challenged Bill Gates to short bitcoin using CBOE’s bitcoin futures product
Scott Davis | 09 May, 2018, 00:43

Berkshire vice chairman Charlie Munger said to Buffett during the meeting, "I like cryptocurrencies a lot less than you do". Bill Gates has a strong opposition to bitcoin, as well as other digital currencies, that the only involvement he had with it resulted from a birthday gift - which he even sold a couple of years after. Previously, Gates aired concerns about cryptocurrencies being used to pay for illegal transactions, saying the asset class has "caused deaths in a fairly direct way".

At the same time, Bill Gates criticized Initial Coin Offerings (ICOs) saying that they are insane and 'speculative things.' ICOs allow start-ups and enterprises to crowd-fund their projects by issuing tokens.

The interview with Bill Gates comes after a Berkshire Hathaway Annual Shareholder Meeting on Saturday in which Buffett also criticized Bitcoin, calling it "rat poison squared". "It's kind of a pure "greater fool theory" type of investment...[I would short Bitcoin] if there was an easy way to do it".




The recent price movements of BTC/USD give a good indication that Bitcoin could be staying above $9,000 for a while.

Buffett, who is the CEO of Berkshire Hathaway, has historically been a harsh critic on the cryptocurrency. "I think that anybody that tells you now they think they know in some actuarial way either what [the] general experience is like in the future, or what the worst case can be, is kidding themselves". It traded as high as $20,000 in 2017. In addition to criticism from influencers like Bill Gates and Warren Buffett, multiple governments have come forward with hesitance and concern regarding the influence of cryptocurrency and the effects that it might have on the markets at large.

Bill Gates concluded that the underlying blockchain technology is very important, but cryptocurrencies themselves are worthless. The continued expectation of regulation is also believed to have prevented bitcoin crossing the US$10,000 mark.

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