Billionaire Investor Warren Buffet Criticises Prefers Stocks Over Bitcoin

Billionaire Investor Warren Buffet Criticises Prefers Stocks Over Bitcoin

Billionaire Investor Warren Buffet Criticises Prefers Stocks Over Bitcoin

Gates (value US$91.7 billion) vs. bitcoin (value US$160.8 billion) seems like an unfair tussle, so fortunately fellow mega-rich Apple tech-lover Warren Buffett (value US$84.4 billion) was on hand to side with Bill.

He told the journalists: "As an asset class, you're not producing anything and so you shouldn't expect it to go up". At a time when Bitcoins and other cryptocurrencies have witnessed a gradual decline after last year's high, Buffett suggested that buyers of Bitcoin "thrive on hope" that they will find other people who pay more for it. Bill Gates, the Microsoft founder and Warren Buffet, the Berkshire Hathaway CEO are among some of the famous critics of bitcoin.

Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things".

He said oil has tangible worth, and it can be demonstrated easily - you can use it to run a vehicle, power cities, generate heat in the winter, and many more. He went on to advise investors to invest in the stock market rather than gambling with Bitcoins or any other cryptocurrency. He elaborated that he was gifted some bitcoin for his birthday, but sold it a couple of years later. "It's kind of a pure "greater fool theory" type investment", Gates said.

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He additionally responded to a query from the viewers about bitcoin by saying that it and different crytpocurrencies "will come to unhealthy endings".

However, in December, two regulated USA exchanges - CBOE and CME - launched conventional bitcoin futures products, enabling bulls and bears alike to stake out their bitcoin positions in a secure marketplace.

Despite his negative opinions about bitcoin, Gates did admit that blockchain technology had its merit. Being an absolute anti-fan of investing into cryptocurrencies, he said that Bitcoin is "probably rat poison squared".

This is not the first time Bill Gates criticised cryptocurrencies. Bitcoin futures, as the name implies, allow investors to place bets on the future price of the flagship cryptocurrency through online brokerage firms such as Interactive Brokers or TD Ameritrade.

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