Our all known Warren Buffett, a business magnate, and an investor have a conflicting view towards bitcoin, as he gave several speeches which actually indicate that.
We all know Buffett is world’s third wealthiest person according to the most powerful magazine Forbes. If you just look at Buffet’s life history you can see that he brought a textile mill which was struggling that time and then just turned into one of the world’s most successful investing company.
Buffet up to this day from starting has followed a philosophy like a strategy. You just need to buy some strong firms with the great business model then apply some more great models and investments in it then it will one day start to turn into your profit. And now you can understand having this kind of and led him toward hating bitcoin.
In buffet’s perspective, we all can understand if we buy something like that doesn’t exist actually, for instance, cryptocurrencies, then we just don’t have anything that can produce something and give us some profit. What I’m doing is just expecting some other person to give me some profit from his mistake.
If we try to understand then there is nothing wrong here but it is actually a game. Game of illegality, though it is legal somewhere.
If we turn a bit back then we can see he mentioned mirage for those bitcoins when it's trading rate was around $6K and when it got to $14K he just expected it’s bad ending.
And in the current situation of $9K, he shows it negatively by saying bitcoin as just a gamble.
But in real life investment should be in there where actually you can draw a business model and work hard on it but not in there where you are just expecting some other guy to give you some bulks that will enrich your profit. Though this is totally a Buffet’s belief, as there is lot another guy who is defending such belief.