Warren Buffett, Bill Gates beat up on bitcoin buying as "crazy"

Bitcoin Old Investors Resort to Childish Taunts About Bitcoin Optimistic Trend John Mc Mahon

Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency.

"As an asset class, you're not producing anything and so you shouldn't".

"When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along", stated Buffett. One of these was Microsoft co-founder and Berkshire member Bill Gates.

Bitcoin, Munger went on to say, "reminds me of Oscar Wilde's definition of fox hunting: "The pursuit of the uneatable by the unspeakable".

Gates as well as many other critics of the cryptocurrency are very negative about the extreme volatility of the cryptocurrency market. "People like to speculate, they like to gamble".

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In the same interview, Gates admitted that someone had given him Bitcoin for his birthday in the dim and distant past, but the multi-billionaire sold it after a couple of years. "It's kind of a pure "greater fool theory" type of investment...[I would short Bitcoin] if there was an easy way to do it". He also said cryptocurrency would come to a bad end.

Tuesday morning, Bitcoin traded close $ 9,100.

Bill Gates is not the first important figure that talks negatively about cryptocurrencies in general.

Buffett also told his investors that he (and experts he's spoken with) believe hackers are always ahead of defenders and that will continue to be the case, noting that software is written by humans who are not infallible and that code can always be exploited. Being an absolute anti-fan of investing into cryptocurrencies, he said that Bitcoin is "probably rat poison squared". Though it certainly didn't help that billionaires Warren Buffett, Charlie Munger, and Bill Gates have taken turns criticizing the cryptocurrency in recent days. And this year, after a significant decline the price still hasn't managed to reach the mark of $10,000.

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