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If there is one thing that the world largest cryptocurrency, Bitcoin (BTC), has failed to do – besides returning to its all-time high, obviously – is to gain the love of popular investors such as Warren Buffett and Bill Gates. Economists Robert Shiller and Nouriel Roubini are also part of the top shots to which Bitcoin has failed to appeal despite the number of years spent in the blocks.
Some of the ways Buffett has described Bitcoin so far include a delusion, mirage, phony, and tulips. These words clearly show where his stand is concerning Bitcoin. In the “Squawk Box” interview with CNBC on Monday, Buffett unapologetically showed that he yet maintains his stand about the most famous crypto coin, Bitcoin.
The chief executive officer (CEO) of Berkshire Hathaway once again explained that Bitcoin is not a currency. He explained that, instead, it is a delusion. Likening Bitcoin to some of the phony trades at the corners of the street, he also added that it attracts fraudsters and there is no money in it. Wall Street, on the other hand, has huge money in it, he stated explicitly.
The age-long Bitcoin critic said that he is, in fact, sympathetic with crypto investors and enthusiasts who believe they can make millions of dollars through Bitcoin. He asserted without mincing words that the digital currency has no unique value at all, and that it is basically a delusion. CNBC noted that this is not the first time that Buffett is expressing his strong opinions against Bitcoin. He had once referred to Bitcoin as ‘rat poison squared.’
Notwithstanding, he made it clear during the interview on Monday that there is some potential in cryptocurrencies’ underlying technology, Blockchain, but the the success of blockchain technology is not tied to cryptocurrency. This cleared the air on his stand on blockchain technology. So, he believes in the technology after all, just not in cryptocurrency.
It is worthy to note that other fund managers such as Howard Marks and Ray Dalio are also part of this category of ‘top shots’ who have always been skeptical about cryptocurrencies, including the world largest cryptocurrency – Bitcoin.
Another noteworthy fact is that the CEO of J.P. Morgan, Jamie Dimon, also questioned the legitimacy of Bitcoin. However, news that made rounds in early February stated that the bank, J.P. Morgan, is the first major bank in the world to launch its own cryptocurrency. The cryptocurrency is reportedly being used for cross-border payments.