When it comes to Bitcoin and other forms of cryptocurrency, Warren Buffett and his Berkshire Hathaway partner Charlie Munger have not minced words. In a recent interview with Becky Quick of CNBC, Buffett went as far as to refer to crypto as a delusion. Stating that he sees no intrinsic value with it, Buffett backed up his previous statements in regard to Bitcoin. Just last year, in fact, he made comparisons between BTC and “rat poison squared.” Obviously, to those in the crypto community who are already accustomed to Buffett’s feelings about the matter, his latest comments have not surprised anyone.
It’s important to note that Buffett is not alone in his sentiments. Other business leaders, such as Microsoft’s Bill Gates and Howard Marks, have come forward to express their own doubts about the cryptocurrency. Economist Nouriel Roubini frequently posts on Twitter about his reluctance to support crypto. Perhaps surprisingly, though, crypto supporters seem undeterred by these leaders’ comments on the subject. And some even believe that it’s even a good sign. Because Buffett and his friends in the world of extraordinary wealth have spurned crypto, it leaves room for others to pick up the pieces and make their own millions.
Interestingly, even those tech giants who support the mission of crypto aren’t so excited to join the fray. Elon Musk owns less than one BTC, and Twitter founder Jack Dorsey speaks highly of crypto but seems somehow reticent to truly become involved and put his money where his mouth is. This leaves room for others to succeed; and if the people who lead the crypto revolution are not tethered by the ideas and regulations of the past, perhaps there will be a greater possibility for Bitcoin and other altcoins to soar. Those who work in the crypto community, such as Avichal Garg, believe that Buffett’s reticence is a good sign. After all, as he’s pointed out, Berkshire Hathaway is not a company that specializes in digital assets anyway.
Buffett’s partner Charlie Munger once pointed out that his company does not acquire assets it doesn’t understand. In this way, it’s easy to see why the power of crypto has eluded some big-time investors. It also makes sense that many others will be given the chance to make their dreams come true by developing and trading crypto.