Warren Buffet and Charlie Munger Continue their Insults Against Bitcoin

Today In Cryptocurrency Buffett And Gates Slam Bitcoin Regulators Meet To Discuss Classification

All Gates, Buffett, and Munger need now is for Jeff Bezos (value US$132.2 billion) to join in the anti-bitcoin fray and the cryptocurrency will be back down to three-figure levels again in no time.

Despite his negative opinions about bitcoin, Gates did admit that blockchain technology had its merit.

The Microsoft founder considers digital currencies to be too risky for long-term commitments for private investors as well as for institutional ones.

Bitcoin was trading around the $10,000 mark, only to sharply fall around $9,100 as of press time. What Buffett was saying about bitcoin was that you may purchase it, however it would by no means produce something of worth.

"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".

On Monday, May 7, 2018, Bill Gates stopped by the squawk Box of CNBC with some strong words for digital currencies and those that believe it has the power to change the world.

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He has previously said that cryptocurrencies "definitely will come to a bad ending".

Munger has additionally referred to bitcoin as poison.

Just one day after Berkshire Hathaway chairman and CEO Warren Buffett trashed bitcoin at the legendary firm's annual shareholders meeting in Omaha, Nebraska, vice chairman Charlie Munger unleashed a memorable rant of his own. He went on to advise investors to invest in the stock market rather than gambling with Bitcoins or any other cryptocurrency. He argued that trading or investing in cryptos is "just dementia".

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.

However, Europe's biggest bank by assets said this would likely be the only share buyback this year, as CEO John Flint looks to deploy more capital into its businesses to tap growth opportunities.

Warren Buffett believes trying to timing the industry is really a waste of time and hazardous to investment success.

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