Bitcoin Charlie Munger Says Bitcoin is ‘A Scum Ball Activity,’ Resorts to Childish Insults Rick D
Bitcoin "is probably rat poison squared", the billionaire CEO told CNBC, shortly before Berkshire Hathaway's annual shareholder meeting.
Bitcoin had been closing in on $10,000, however it fell practically 6% Sunday and was down one other 2% Monday to only over $9,300.
In recent months, business moguls like Warren Buffett and Bill Gates have been bearish on cryptocurrencies. In response to an audience question, he also said that bitcoin and other forms of cryptocurrency "will come to bad endings".
According to a report on Reuters, the chairman and chief executive of Berkshire Hathaway termed the influx in Bitcoin demand to the "tulip bulb mania" in 17th century Holland, suggesting that the increase in rates was driven by the "mystique" behind it. He also said that bitcoin is a "greater fool theory" kind of investment. I agree I would short it if there was an easy way to do it " Greater Fool Theory, Eh? Many Wall Street big times, such as Jamie Dimon, the CEO of JPMorgan Chase dismiss cryptocurrencies as they are not traditional and see no room for them, but Bill Gates is surprising. Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year.
Microsoft co-founder Bill Gates has sided with cryptocurrency naysayers, in a new interview with CNBC. On this occasion the oracle of Omaha had the opportunity to look back on his first investment: it was 1942, he was just 11 years old and was reading a copy of the New York Times, the outcome of the Second World War was still uncertain.
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Gates, retired from his Microsoft role, now works with another cryptocurrency critic, legendary investor Warren Buffett.
"It's buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else, will grow".
Buffett is invested in neither tech giant. What Buffett was saying about bitcoin was that you may purchase it, however it would by no means produce something of worth.
Shorting is a method of trade where you bet against the market going down and make profits on the inverse of trends.
I like cryptocurrency even less than Warren does.to me it's just dementia.
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