Some of the planet's richest men used quite colorful descriptors to vocalize their opinions of the world's premier cryptocurrency, Bitcoin.
At Berkshire Hathaway's 2018 shareholder meeting - a large, almost fair-like gathering attended by 40,000 people - Warren Buffett, Charlie Munger, and Bill Gates warned shareholders that Bitcoin is a worthless asset. What could be driving these billionaires' beliefs?
Hi Steemians, I'm @holsturr.
TLDR: At a shareholder meeting in May 2018, Warren Buffett, Charlie Munger, and Bill Gates argued that Bitcoin is a fake asset with no value.
What is driving these billionaires' assessments? Buffett has displayed a tendency to resist change, Munger has used old arguments to speak out against cryptocurrency, and Gates has said Bitcoin's worth is only in its technology.
Some very rich men had some choice words for the largest market-capped cryptocurrency, Bitcoin.
Warren Buffett claimed that Bitcoin is "rat poison" and compared it to an inherently worthless item that is only given preposterous value by the "magic" of people's imagination.
During an interview at his multibillion-dollar company's shareholder meeting, Buffett compared Bitcoin to sea shells and shark's teeth, trivial items that can only be sold because of people's ascribed value to them, and claimed Bitcoin's rise in price has only taken place because of the special peculiar value investors have applied to it in addition to certain manipulation - similar to the classic price bubble observed in tulip prices in Holland in the 1700's.
Buffett argued that Bitcoin's price will only be maintained by the next greater fool's propensity to pay up for the coin.
Could Buffett's thoughts on Bitcoin come from a historical resistance to change? Or an uneasiness towards something decentralized and under no governing body's singular authority?
In similar fashion, long-time business partner of Buffett's - Charlie Munger - denounced Bitcoin as "worthless artificial gold" and reiterated an old argument that cryptocurrency will only be used in illegal transactions.
People have claimed Charlie Munger is actually somewhat unintelligent. Could Munger be misunderstanding the nature and future of blockchain technology?
Bill Gates said Bitcoin's worth is only in its fundamental functioning on blockchain code.
Gates does not denounce cryptocurrency as severely as Buffett and Munger, but believes coins and tokens only have value based on their inherent technology.
What are the reasons behind the castigation of Bitcoin by many wealthy people? Do high net worth individuals and organizations feel threatened by the decentralized asset, misunderstand the technology, feel FUD and FOMO, or do they have a point that cryptocurrencies have unclear discernible value?
Despite the opinions of billionaires, cryptocurrencies continue to rise in value and blockchain technology continues to be used to revolutionize everything from transactions to communications to software development.
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Good stuff - good thing the majority of the world could care less what these people state about cryptos. The baby body parts comment is about as absurd as it gets
Sorry for late reply and upvote, over 7 days too x_x
I'm committing to more timely involvement on Steemit,
but for now thankfully it's true, most everyone doesn't care what they say, my money is on Bitcoin $25k by the end of the year!
They are also against gold or anything they cant lobby or get special rights by investing in it. #scumtards
Sorry for late reply and 7+ day upvote,
I wonder if big money and maybe even Fed manipulation are responsible for gold's big latest drop?
Gold and Silver are heavily manipulated (down) in price... no doubt about that. The reasons are many but mainly to protect the usd$ and keep up appearances that the economy is fine, whilst its not.
I just found you on my feed and went through all your posts....they are just amazing....now I'm following you up so i can get more amazing articles in future. Keep the good work up @holsturr. Whats the meaning of TLDR? You always put on your articles.
Sorry for late reply and 7+ day upvote,
thank you for your encouraging words, I hope to write more good stuff more frequently, I'll keep an eye on my feed for your stuff too,
TLDR means too long didn't read, I try to summarize some longer poasts in just a few sentences at the very beginning so peeps can decide whether or not to read the whole thing :D