Warren Buffet, the third richest man in the world, shuns bitcoin anew, saying that it creates nothing.
– Buffet even called bitcoin as rat poisoned squared.
– Cryptocurrencies have become popular because of sharp price increases.
– Buffet said cryptocurrencies are speculative assets.
According to Warren Buffet, b buying bitcoin is like purchasing something just because you think many people will want to buy them as well.
Last Monday, bitcoin was trading at $9,000 which is far away from last year’s top price.
In addition, Warren Buffet said that buying bitcoin is like buying gold.
Buffet was interviewed on the CNBC show “Squawk Box” where he described buying bitcoin as buying assets that are non-productive.
Warren Buffet is the CEO and chairman of Berkshire Hathaway.
According to the latest richest men update, the new richest person is Jeff Bezos, surpassing Bill Gates, and Buffet the American investor with an estimated worth of $84 billion is at third place.
Charlie Munger, vice chairman, also had some choice words regarding cryptocurrency, calling its trading as “just dementia.”
Read the article written by Fred Imbert at – www.cnbc.com