Some of the planet's richest men used quite colorful descriptors to vocalize their opinions of the world's premier cryptocurrency, Bitcoin.
At Berkshire Hathaway's 2018 shareholder meeting - a large, almost fair-like gathering attended by 40,000 people - Warren Buffett, Charlie Munger, and Bill Gates warned shareholders that Bitcoin is a worthless asset. What could be driving these billionaires' beliefs?
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TLDR: At a shareholder meeting in May 2018, Warren Buffett, Charlie Munger, and Bill Gates argued that Bitcoin is a fake asset with no value.
What is driving these billionaires' assessments? Buffett has displayed a tendency to resist change, Munger has used old arguments to speak out against cryptocurrency, and Gates has said Bitcoin's worth is only in its technology.
Some very rich men had some choice words for the largest market-capped cryptocurrency, Bitcoin.
Warren Buffett claimed that Bitcoin is "rat poison" and compared it to an inherently worthless item that is only given preposterous value by the "magic" of people's imagination.
During an interview at his multibillion-dollar company's shareholder meeting, Buffett compared Bitcoin to sea shells and shark's teeth, trivial items that can only be sold because of people's ascribed value to them, and claimed Bitcoin's rise in price has only taken place because of the special peculiar value investors have applied to it in addition to certain manipulation - similar to the classic price bubble observed in tulip prices in Holland in the 1700's.
Buffett argued that Bitcoin's price will only be maintained by the next greater fool's propensity to pay up for the coin.
Could Buffett's thoughts on Bitcoin come from a historical resistance to change? Or an uneasiness towards something decentralized and under no governing body's singular authority?
In similar fashion, long-time business partner of Buffett's - Charlie Munger - denounced Bitcoin as "worthless artificial gold" and reiterated an old argument that cryptocurrency will only be used in illegal transactions.
People have claimed Charlie Munger is actually somewhat unintelligent. Could Munger be misunderstanding the nature and future of blockchain technology?
Bill Gates said Bitcoin's worth is only in its fundamental functioning on blockchain code.
Gates does not denounce cryptocurrency as severely as Buffett and Munger, but believes coins and tokens only have value based on their inherent technology.
What are the reasons behind the castigation of Bitcoin by many wealthy people? Do high net worth individuals and organizations feel threatened by the decentralized asset, misunderstand the technology, feel FUD and FOMO, or do they have a point that cryptocurrencies have unclear discernible value?
Despite the opinions of billionaires, cryptocurrencies continue to rise in value and blockchain technology continues to be used to revolutionize everything from transactions to communications to software development.
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