Bitcoin A Bad Investment, Claim Warren Buffett And Bill Gates

09 May, 2018, 00:44 | Author: Shannon Aguilar
  • Winklevoss Gemini Ethereum Ether

"I agree I would short it if there was an easy way to do it", added Gates.

Gates is not alone in calling Bitcoin a bubble.

Tyler Winklevoss, the cofounder of crypto exchange Gemini, is telling Bill Gates to put his money where his mouth is after the billionaire said he would short bitcoin if he easily could.

He classified this kind of investment as a "greater fool theory" investment.

Some of the wealthiest men in the world have continually been critics of bitcoin and cryptocurrencies in general.

During a Berkshire annual meeting on Saturday, Buffett admitted to CNBC that bitcoin "was probably rat poison squared". Bitcoin's price, at the time of writing, is sitting at $9,384, after what's been a turbulent six months for the currency.

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Buffett was skeptical that any insurer can properly assess cyber risk and made clear that Berkshire Hathaway wasn't going to be a pioneer in underwriting cyber risk. And though the price of Bitcoin has gone down considerably since then, many people are still of the mind that cryptocurrency represents the wave of the future. There's definitely a possibility that Bitcoin price will continue to climb to meet - and even exceed - the value that we saw at the end of 2017, but there's a near-equal possibility that it will crash and never recover.

He also responded to a question from the audience by saying that bitcoin and other cryptocurrencies "will come to bad endings".

The Microsoft founder considers digital currencies to be too risky for long-term commitments for private investors as well as for institutional ones.

While Bill Gates shares the disregard for cryptocurrencies, he did share that blockchain technology is valuable.

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.

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