Gates said the United States is making the issue "a bit challenging right at the moment in terms of predictability and stability and finding the right approach".
While Buffett compared the surge in bitcoin's demand to the tulip bulb frenzy in 17th century Holland, Munger opted for an Oscar Wilde reference and called the commodity "the pursuit of the uneatable by the unspeakable".
The interview then moved to Microsoft founder and multi-billionaire Bill Gates. Gates says that his problem with Bitcoin and other cryptocurrencies is when they're viewed as an asset class because they don't "produce anything".
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While calling himself a Buffett "disciple", Palihapitiya told CNBC that Buffett is wrong about bitcoin. "[Bitcoin and cryptocurrencies] are kind of a pure 'greater fool type of investment", Gates added. He also responded to a question from the audience about Bitcoin by saying that it and other cryptocurrencies "will come to bad endings".
On Saturday 5th May, Berkshire Hathaway, one of the largest holdings in the world and chaired by Warren Buffett, held its annual shareholders' meeting. For example, Buffett has acknowledged that he regrets not getting in on Amazon years ago. It is hard to see Bill Gates, who also runs the Gates foundation charity in helping third world countries fails to see the importance of revolutionising the way we transact.
Berkshire Hathaway Vice Chairman, Charlie Munger echoed the comments of Buffett. In 1997, shortly after Jobs' return to Apple, he announced a controversial deal in which Microsoft invested $150 million in Apple, agreed to support Office for Mac, make Microsoft Explorer the default browser on Macs, and settle that lawsuit.
In a report written on Monday, Nigel Green, who is the CEO of financial consulting firm deVere Group said, "What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency".