Bitcoin is crudely hated by Berkshire Hathaway CEO, Warren Buffet

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June 28, 2018 by
Bitcoin is crudely hated by Berkshire Hathaway CEO, Warren Buffet

Bitcoin , the most popular one among all the cryptocurrencies and holding the top-most position, is always making news. In some way or the other, this digital currency tend to be in the headlines of the crypto news.
It has been five years now, since 2013 that he maintained his averse outlook towards this virtual currency.

In the present times, Bitcoin [BTC] price valuation is immensely unstable and in a completely fluctuating trajectory. The price has witnessed a depreciation by nearly 70% from its peak and in 2018, itself BTC valuation steeply declined exceeding 50%. Warren Buffet back in 2013 begun expressing his scepticism regarding the viability of Bitcoin [BTC]

When Bitcoin [BTC] was traded at around $130, Buffet made a remark stating, “Of our $49 billion, we haven’t moved any to Bitcoin [BTC]” He opposed the concept of BTC to such an extent that he did not find it a reliable enough to carry out exchange. He also did not bother to consider it an appropriate value storage space.
Dubious about its sustainability, Buffet at the annual shareholder conference in 2014 commented, “I would not be surprised if it’s not around in 10 or 20 years.” He further went on to say, “It’s not a currency, it does not meet the test of a currency.”

Bitcoin [BTC] was termed by him as the phenomenon of “Buck Rogers”. He expressed his views about the people stating that they purchase and sell it off with the perception that they would either increase or decrease. He compared that the incident was “just like they did with tulip bulbs.”

shekar

A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possibleA piece of information about them. He works as a crypto-journalist for the website Abitcoinresource.

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