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Buffett on Bitcoin: "Stay Away"

Guest Author | December 26, 2014 | 3:33 pm
Uncategorized

Buffett on Bitcoin: "Stay Away"

Guest Author | December 26, 2014 | 3:33 pm

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

Buffett explains:

“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.

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