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Warren Buffett on Bitcoin: 'It's Probably Rat Poison Squared'

09 May 2018

Case in point: Warren Buffet and Bill Gates earlier today both lambasted Bitcoin during an interview with CNBC, with Buffett going so far as to call it "rat poison squared".

"As an asset class, you're not producing anything and so you shouldn't expect it to go up". And though the price of Bitcoin has gone down considerably since then, many people are still of the mind that cryptocurrency represents the wave of the future.

Tyler Winklevoss, the cofounder of crypto exchange Gemini, is telling Bill Gates to put his money where his mouth is after the billionaire said he would short bitcoin if he easily could.

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He said oil has tangible worth, and it can be demonstrated easily - you can use it to run a auto, power cities, generate heat in the winter, and many more.

Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general. "People like to speculate, they like to gamble", he added.

He has previously said that cryptocurrencies "definitely will come to a bad ending". He also said that bitcoin is a "greater fool theory" kind of investment. The Microsoft founder even told a story of how he was given some bitcoins as a birthday present, which he sold a few years later.

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However, in December, two regulated United States exchanges - CBOE and CME - launched conventional bitcoin futures products, enabling bulls and bears alike to stake out their bitcoin positions in a secure marketplace.

Bill Gates concluded that the underlying blockchain technology is very important, but cryptocurrencies themselves are worthless.

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Winklevoss along with also his brother Cameron had $1 1 million in bitcoin at $120 a coin in April 2013. Though it certainly didn't help that billionaires Warren Buffett, Charlie Munger, and Bill Gates have taken turns criticizing the cryptocurrency in recent days. The cryptocurrency had been on a steady rise in the past three weeks, nearly reaching the $10,000 mark before slipping to $9,200 on May 6.

Warren Buffett on Bitcoin: 'It's Probably Rat Poison Squared'