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Buffett and Gates slam bitcoin for being a non-productive investment

10 May 2018

"In terms of cryptocurrencies, generally, I can nearly say with certainty that they will come to a bad ending", Buffett was quoted by the CCN report.

Bitcoin is under fire from Microsoft founder and billionaire, Bill Gates.

After Buffett's and Gates' criticisms on bitcoin, prices of cryptocurrencies experienced a drop on Tuesday, Yahoo!

Earlier than the Berkshire annual assembly on Saturday, Buffett told CNBC that bitcoin was "most likely rat poison squared". "It's kind of a pure "greater fool theory" type of investment". "Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world?"

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He said investors now are much better off owning US stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year USA government bonds now yielding around 3 percent.

Though some rich Billionaires have been trashing Bitcoin, a lot of the new age investors are extremely bullish on the impact Cryptocurrencies would have on the society.

While Bill Gates shares the disregard for cryptocurrencies, he did share that blockchain technology is valuable.

Bitcoin, which is getting closer to the $10,000 levels, fell 1.2 percent on the Bitfinex exchange, arriving at $9,431.6.

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"As an asset class, you're not producing anything and so you shouldn't expect it to go up", he said.

"And the fact that it's clever computer science doesn't mean that it should be widely used and that respectable people should encourage other people to speculate on it", he said.

However, considering that Berkshire Hathaway's largest holding at this point is Apple who are largely known for their successful smartphones, Buffett admitted that he made the wrong decision regarding companies like Amazon and Google. "I just know it will happen". "It is like anyone else is buying and selling turds and also you determine you possibly can't be disregarded".

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Buffett and Gates slam bitcoin for being a non-productive investment