Published: Wed, May 09, 2018
Money | By Michele Stevens

Gates and Buffett bully bitcoin

Gates and Buffett bully bitcoin

Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency.

Speaking from Omaha, Nebraska, during Berkshire Hathaway's annual shareholders" meeting, Bill Gates called Bitcoin and other cryptocurrencies an investment that is subject to the "greater fool theory'.

Gates dismissed bitcoin as an asset class saying it does not support any real production activity and as such, there was no reason why it should be expected to increase in value.

He followed that up on Monday, adding that "the asset itself is creating nothing" and that "when you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".

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Early bitcoin investor Tyler Winklevoss tweeted back in invoice Gates to explain howto bet contrary to the cryptocurrency, immediately after the Micro-Soft co-founder said he would brief it whether he could.

On the subject of ICOs, he considers them to be speculations of a insane variety.

Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffett explained.

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Just as bitcoin was soaring back to five-figure levels (reaching US$9,932 on May 5), two of the world's richest people chose to bring it back down to Earth with a bump. What Buffett means is that if you purchase bitcoin, you will never be able to produce anything of value from it. "There is an easy way to short bitcoin", Winklevoss said.

Munger has also referred to bitcoin as poison.

Legendary investor Warren Buffett's portfolio won't be scooping up shares of insurers that underwrite cyber insurance. The recent decline in the value of bitcoin was the first decline in prices in over four days.

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