Bitcoin may have won over millions of people in terms of support, but there are still a few that hold a completely different opinion in regard to its viability as a digital asset. In fact, some of these antagonists are rich people like billionaire Warren Buffett.
During a recent CNBC interview with Becky Quick on Squawk Box, Warren Buffet expressed his heartfelt pessimism about Bitcoin, saying that the cryptocurrency holds no unique value. However, this isn’t the first time Warren Buffet has spoken ill of Bitcoin. He has been quoted as describing the top crypto in unfavorable terms in the past. In 2018, he referred to Bitcoin as rat poison squared.
Warren Buffet said that he sympathized with the many people who bought in during the peak of December 2017 before the prices went down. During the peak, Bitcoin traded at around $20,000. At the time of Warren’s interview on Monday, the crypto was trading at around $3,700.
It Attracts Charlatans
Warren Buffet wasn’t done with bad-mouthing Bitcoin yet. He went ahead to say that the top crypto is actually just a delusion that mostly attracts charlatans. In his opinion, someone who gets into Wall Street can make money as opposed to someone else who goes out to sell yo-yos.
However, the billionaire wasn’t entirely opposed to the whole new technology, especially the blockchain technology. According to him, the blockchain technology is important, but that doesn’t mean that its success should be pegged on cryptocurrencies.
He’s Not Alone
Warren Buffet isn’t the only business heavy weight to shun cryptocurrencies and Bitcoin in particular. Others like Bill Gates, Rober Shiller, Nouriel Roubini, Howard Marks, Ray Dalio, and even JP Morgan’s Jamie Dimon have come out to bash it.
However, in the case of JP Morgan’s CEO Jamie Dimon, it’s particularly interesting that his bank recently announced the launching of its own cryptocurrency to facilitate cross-border transactions. That said, it’s notable that a majority of the market players with deep pockets have been largely pro-cryptos and particularly bullish about Bitcoin.