Warren Buffett Thinks Bitcoin Will "Come To Bad Endings"

Warren Buffett Thinks Bitcoin Will

In the midst of the mostly grossly worded slew of insults that the institutionally rich lobbed at the bitcoin crowd over the weekend, Bill Gates may have landed the furthest from the mark.

That interview comes following the Annual Shareholder Meeting Saturday, in which both Buffett and Munger doubled down on their distaste for Bitcoin. "It does create a rising price, creates more buyers ..." One of these was Microsoft co-founder and Berkshire member Bill Gates.

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"I agree I would short it if there was an easy way to do it", he said.... He went on to advise investors to invest in the stock market rather than gambling with Bitcoins or any other cryptocurrency.

Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things". The investors that manage to cash in on such a type of investment are the ones who end up cashing out on time. Gates added someone once gave him some bitcoin for his birthday, but he sold it a few years afterward.

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Just as bitcoin was soaring back to five-figure levels (reaching US$9,932 on May 5), two of the world's richest people made a decision to bring it back down to Earth with a bump.

Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful. What Buffett was saying about bitcoin was that you can buy it, but it will never produce anything of value.

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Winklevoss along with also his brother Cameron had $1 1 million in bitcoin at $120 a coin in April 2013. In response to an audience question, he also said that bitcoin and other forms of cryptocurrency "will come to bad endings". Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year. Though it certainly didn't help that billionaires Warren Buffett, Charlie Munger, and Bill Gates have taken turns criticizing the cryptocurrency in recent days.

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