The billionaire investor likened buying into bitcoin to gambling, and said he would love to own 100 per cent of the iPhone maker's shares Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterised as "rat poison squared", thrive on the hope they'll find other people who will pay more for it. He said: "As a class of asset, you aren't producing anything so you should not just expect it to go up".
While we're still seeing a Bitcoin price that is much higher than it was at the same time last year, the price is around 50% lower than we saw at the end of 2017 - and that's a significant amount higher than it was earlier this year where the price dropped under $7000. "Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world?"
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. He went on to advise investors to invest in the stock market rather than gambling with Bitcoins or any other cryptocurrency. Gates also said that if it were up to him, he would short it (bitcoin) but he admits that there is no easy way to do that.
"It's kind of a pure "greater fool theory" type of investment", Gates added, also chipping in that he'd bet against the currency if he could.
Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things".
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Despite his negative opinions about bitcoin, Gates did admit that blockchain technology had its merit.
"Cryptocurrencies will come to bad endings."
This is not the first time Bill Gates criticised cryptocurrencies.