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m3n4.net May 27, 2018


Bitcoin falls after billionaires Bill Gates and Warren Buffett say this

09 May 2018, 12:42 | Vera Richards

The investor said at Saturday's meeting'it would be a mistake to buy Microsoft

The investor said at Saturday's meeting'it would be a mistake to buy Microsoft

"I would short it if there was an easy way to do it", Gates told CNBC's Squawk Box Monday in an interview alongside Munger and Buffett.

It's certainly possible, then that Warren Buffett and Bill Gates may be wrong on Bitcoin price - and we've seen already that the currencies can explode in value.

Gates dismissed bitcoin as an asset class saying it does not support any real production activity and as such, there was no reason why it should be expected to increase in value. 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. He also said that bitcoin is a "greater fool theory" kind of investment.

By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value.

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Billionaire and Microsoft founder Bill Gates is very skeptic about the cryptocurrency and says that he would like to bet against Bitcoin if he had such an opportunity.

During a Berkshire annual meeting on Saturday, Buffett admitted to CNBC that bitcoin "was probably rat poison squared".

Deciding exactly what is impacting the price of Bitcoin at any time is no science.

Buffett was skeptical that any insurer can properly assess cyber risk and made clear that Berkshire Hathaway wasn't going to be a pioneer in underwriting cyber risk. Bitcoin and other digital currencies are just digital codes, hence, they are susceptible to fluctuation depending on the unreliable options of the trading stock of everyone. "It does create a rising price, creates more buyers ..."

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Tuesday morning, Bitcoin traded close $ 9,100.

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

This is not the first time Bill Gates criticised cryptocurrencies.

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today.

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