The Bitcoin price isn't doing as well as we anticipated moving through the weekend, falling back to $9300 after reaching close to $10000 - and Warren Buffett and Bill Gates are not fans of the investment opportunity.
In his joint interview with legendary investor and CEO of Berkshire Hathaway Warren Buffett and the company's vice chairman Charlie Munger for CNBC, he expressed his view on the nature of Bitcoin and its future.
"As an asset class, you're not producing anything and so you shouldn't expect it to go up", he said. "It does create a rising price, creates more buyers ..."
The billionaire philanthropist and co-founder of Microsoft said that the major reason why he rejected these new digital currencies is that they do not have any tangible worth. "It's kind of a pure "greater fool theory" type investment", Gates said.
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When asked by another attendee about the cryptocurrency craze, Buffett admits that these digitalized coins will "come to bad endings".
I agree I would short it if there was an easy way to do it.
Just as bitcoin was soaring back to five-figure levels (reaching US$9,932 on May 5), two of the world's richest people made a decision to bring it back down to Earth with a bump.
Bill Gates concluded that the underlying blockchain technology is very important, but cryptocurrencies themselves are worthless.
Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Being an absolute anti-fan of investing into cryptocurrencies, he said that Bitcoin is "probably rat poison squared". While both Buffett and Munger have been consistent in their criticism of bitcoin, Gates' recent comment shows a change in his opinion on the cryptocurrency. A trader that sells a futures contract in anticipation of the decline in bitcoin earns money if the purchase price will not shed.