Gates and Buffett bully bitcoin

Today In Cryptocurrency Buffett And Gates Slam Bitcoin Regulators Meet To Discuss Classification

However, as he spoke, Bitcoin, the largest cryptocurrency, had added $2,563.48 to its value in the last month, marking a price hike of 37.9%.

Gates is not alone in calling Bitcoin a bubble.

"Not everybody is right all the time", he told the news source, further suggesting that that knowledge about technology is not in Buffett's "circle of competence". Even if he doesn't feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps even Goldman Sachs' new bitcoin derivatives product.

Berkshire Hathaway Vice Chairman Charlie Munger went after bitcoin again on Monday, doubling down on remarks he made about the digital currency over the weekend.

"If people react when you criticise their investment, if they get mad, they're gambling..." "It's the consumer behavior with the product, what they do with it, how it becomes part of their lives, that I observe and primarily reason from", Buffett said. Besides the speculative nature of ICOs, Gates also appears to be on board with the criticism of Bitcoin as dependent on the "Greater Fool" theory.

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"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", he added. "As an asset class, you're not producing anything, so you shouldn't expect it to go up". Matthew Frankel owns shares of Berkshire Hathaway (B shares) and has no position in any cryptocurrencies mentioned. "To me, it is simply dementia".

Shorting is a method of trade where you bet against the market going down and make profits on the inverse of trends.

"What I do discover monumentally baffling is that two of the world's most profitable buyers can't see the intrinsic worth of some type of cryptocurrency", Nigel Inexperienced, CEO of monetary consulting agency deVere Group, wrote in a report early Monday.

Commenting on the Squawk Box segment of the Bitcoin network in February, Bill Gates stated that the crypto currencies were cause for direct deaths, but nevertheless did not cut the ties completely with the cryptocurrency.

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