Warren Buffett’s criticism of Bitcoin (BTC)

This is not the first time that Warren Buffett has made the buzz for denouncing cryptocurrencies and bitcoin (BTC). Recently, he again sparked controversy by criticizing the leading cryptocurrency, Bitcoin, at Berkshire Hathaway’s annual shareholder meeting.

A bitcoin supporter

Warren Buffett’s statements against cryptocurrencies

If you follow the cryptocurrency news, you will know that Warren Buffett is not really in favor of this new asset class. With regard to Bitcoin in particular, he called it ” rat poison squared “. What we could literally translate as death to rats in French. Just recently, he spoke out against the token calling it unproductive and intangible. According to Mr. Buffett, the bitcoin craze is nothing but a “ magic » temporary that will fade. Moreover, he even announced that he would not buy any BTC even if its price drops to $25 per unit.

However, the world has always been divided into a group of believers and non-believers. Warren Buffett seems to be part of the second half by handily banishing the digital asset. Many analysts have even commented that he’s not too tech-savvy, in general.

The reaction of Bitcoin supporters against Buffett

Supporters of the cryptocurrency king Bitcoin, in general, have not been silent. Various memes and hateful comments circulated on Twitter and other social media platforms against the investor’s comments. Nevertheless, there is little we can do to change the ideology of one of the world’s greatest investors.

It was recorded that Berkshire Hathaway made its first investment in Apple in 2016. For comparison, the company was founded in 1976, it took Warren 40 years to invest in the famous apple. In fact, Buffett doesn’t even consider it a technology company, but rather a consumer company.

Following the old patterns, we can notice that to convince Mr. Buffett, cryptocurrencies need to be more mainstream. Although it will take some time, users can maintain their confidence in the future of these new digital assets. Thankfully, true believers in the market weren’t put off by the comments.

Conclusion

Thus, users should not feel attacked by Warren Buffett’s comments. Blockchain is a relatively new technology and it will take some time for it to gain more acceptance around the world. The global adoption of cryptocurrencies has increased drastically since 2017. Many large companies now accept cryptocurrency payments. The many benefits of using tokens and crypto assets are another story altogether. Some may say that the market is expected to witness continuous growth in the coming years.

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Emile Stantina

Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was obvious. The blockchain is surely the universal tool of tomorrow.



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Warren Buffett’s criticism of Bitcoin (BTC)


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