Warren Buffett
The enormity of the business magnate multi-billionaire Warren Buffett has made him a mouthpiece for anything that has to do with finances. So when the CEO of Berkshire Hathaway, like many other older financier-types, says bitcoin “doesn’t multiply, doesn’t produce anything,” people tend to listen.
Back in 2018, Buffett told CNBC he predicted crypto would “come to a bad ending.” His negativity from such a high place caused crypto consternation among the biggest evangelists. In April, billionaire Peter Thiel, who’s well-known for his frothing endorsement of cryptocurrencies, called Buffett“enemy number one” and “a sort of sociopathic grandpa from Omaha.”
His claims made at the start of May include that he wouldn’t buy all the bitcoin in the world for $25 was like a crack of lightning earlier in May. He called crypto “magic” and not in a good way. He especially goes after cryptocurrencies for not creating value as assets usually do—everything from farmland to apartment buildings generating a use. The price of digital currency simply rises and falls, and investors are simply betting on making a profit before the coin’s worth inevitably falls.
