The Bitcoin price isn't doing as well as we anticipated moving through the weekend, falling back to $9300 after reaching close to $10000 - and Warren Buffett and Bill Gates are not fans of the investment opportunity. He said: "As a class of asset, you aren't producing anything so you should not just expect it to go up".
"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. While Buffett's billionaire buddy Bill Gates probably won't be picking up an iPhone anytime soon, either, the Microsoft co-founder is also heaping a bit of praise on his one-time tech adversary.
"I agree I would short it if there was an easy way to do it", he said.... He also said that bitcoin is a "greater fool theory" kind of investment.
Gates as well as many other critics of the cryptocurrency are very negative about the extreme volatility of the cryptocurrency market.
When asked if he owned any Bitcoin, Gates said that someone had given him some for his birthday.
Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful.
He additionally responded to a query from the viewers about bitcoin by saying that it and different crytpocurrencies "will come to unhealthy endings". However, Warren Buffett believes the entire space is one big sham and not worth all the hype.
Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things". Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year. Bitcoin futures, as the name implies, allow investors to place bets on the future price of the flagship cryptocurrency through online brokerage firms such as Interactive Brokers or TD Ameritrade.