Berkshire Hathaway’s Chairman and CEO, Warren Buffett recently expressed his negative opinion regarding cryptocurrencies during the annual meeting of his company. As reported by CNBC, the billionaire investor expressed the general mistrust towards the new industry sating that cryptocurrencies will eventually have a negative ending and that he finds Bitcoin to be “rat poison squared”.
The loud expression by the famous businessman raised many questions among the attendees as well as the field experts to whom Buffett was quick to respond with another loud anti-crypto statement. According to the source, Buffett finds Bitcoin an unproductive asset compared with real touchable assets such as land or even corporate shares. He concluded that the demand for the cryptocurrencies from the investors is solely the price-determining factor which makes digital currencies a convenient tool for “charlatans”. According to his predictions soon after the recent “euphoria” for such new digital currencies passes the entire system will have a bad ending which will be disappointing for the investors eventually.
This announcement which was made recently was however not the first time that Buffet expressed such a negative opinion about cryptocurrencies in general and Bitcoin in particular. Back in October 2017, the 87-year-old investor claimed that Bitcoin is hardly a currency and that it is not a good investment to make.
Meanwhile this negative announcement also raised many other comments among the cryptocurrency enthusiasts and leaders which argue Buffet’s opinion. Yet one of the most famous leaders responding to the announcement was the founder and CEO of Tron, Justin Sun. On his official Twitter page, Sun shared the information about the recent announcement by Buffet commenting that Berkshire Hathaway is not able to see that the new technologies and cryptocurrencies are in a Cambrian Explosion of prosperity and development.