What could Warren Buffett, one of the richest men in the world, have against bitcoin? Did it hurt him in some way? Did it embarrass him or humiliate him at a conference?
It would appear that the billionaire entrepreneur has a bit of a grudge against the digital currency. The “Oracle of Omaha” gave the warning to investors in 2015 that they should avoid bitcoin when they can
“Stay away from it. It’s a mirage, basically… It’s a method of transmitting money. It’s a very effective way of transmitting money, and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways, and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”
Strong words from a strong man, but some feel that the business mogul possesses little to no bitcoin knowledge, particularly if he is comparing the currency to a check.
What do you all think of Buffett’s words? Harsh and uninspired, or do you feel he has a point in some way? Post your comments below and tell us what you think.