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Bitcoin's crashing — here's why Warren Buffett has hated it all along
The past 7 months have been bumpy for Bitcoin — and now it's crashing hard.
It’s “probably rat poison squared,” Buffett once said.
Here are three reasons Buffett won’t go near it.
1. It has ‘no unique value at all’
The billionaire investor doesn’t like Bitcoin because he considers it an unproductive asset.
Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.
2. He doesn’t think crypto counts as money
“It is not a durable means of exchange, it's not a store of value.”
He adds that it’s a very effective way of anonymously transmitting money. But: “a check is a way of transmitting money too,” he said. “Are checks worth a whole lot of money just because they can transmit money?”
3. He doesn’t understand it
“It does not meet the test of a currency,” the billionaire said on CNBC in 2014. “It is not a durable means of exchange, it's not a store of value.”
$Bitcoin (BTC.CC)$ $Berkshire Hathaway-A (BRK.A.US)$ $AMC Entertainment (AMC.US)$ $Coinbase (COIN.US)$ $Tesla (TSLA.US)$
It’s “probably rat poison squared,” Buffett once said.
Here are three reasons Buffett won’t go near it.
1. It has ‘no unique value at all’
The billionaire investor doesn’t like Bitcoin because he considers it an unproductive asset.
Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.
2. He doesn’t think crypto counts as money
“It is not a durable means of exchange, it's not a store of value.”
He adds that it’s a very effective way of anonymously transmitting money. But: “a check is a way of transmitting money too,” he said. “Are checks worth a whole lot of money just because they can transmit money?”
3. He doesn’t understand it
“It does not meet the test of a currency,” the billionaire said on CNBC in 2014. “It is not a durable means of exchange, it's not a store of value.”
$Bitcoin (BTC.CC)$ $Berkshire Hathaway-A (BRK.A.US)$ $AMC Entertainment (AMC.US)$ $Coinbase (COIN.US)$ $Tesla (TSLA.US)$
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Cardinal-BagHolder : Block chain tech is the value. Putting a dollar amount on a coin was the mistske because people who don’t know attribute the value to a digital asset aka not real or worse, a scam.
101875429 Cardinal-BagHolder : Explain how is block chain the value?
Cardinal-BagHolder 101875429 : Bitcoin itself was never designed to be a centralized commodity like gold aka digital gold. That was never the intent AND the “bitcoin” key generated from participating in the system blockchain was never meant to have such a large value. Otherwise how are regular people suppose to use it in a decentralized for of payment for things, especially if the “value” fluctuates. This entire “market” is a fabrication created by banks to control the crypto system making it just like any normal money supply which means its STOPPED in its tracks from taking over and decentralizing the planetary money supply as it was meant to do. Have to understand the original intent, what it has become, who did it and why? A crypto “market” might be what we have but nowhere near what it was created for. It was meant to pull the control of the world away from banks in something they can never control in any manner. Banks even managed through this “market” that goes to crap every few years to give crypto a scam feeling and even stop business from feeling confident in using it over the bank controlled fiat. Its very sad how the evil people that run and own this planet can just stop something or change its course just by making it have value in their own fake fiat money. Smh