Warren Buffett on Bitcoin: 'It's Probably Rat Poison Squared'

Warren Buffett on Bitcoin: 'It's Probably Rat Poison Squared'

Berkshire vice chairman Charlie Munger said to Buffett during the meeting, "I like cryptocurrencies a lot less than you do".

Buffett, the CEO of Berkshire Hathaway, has been a bitcoin bear for years. "As an asset class, you're not producing anything, so you shouldn't expect it to go up", he said.

Buffett called Bitcoin "rat poison squared", while Munger said that trading cryptocurrencies is akin to having "dementia".

The billionaire philanthropist and co-founder of Microsoft said that the major reason why he rejected these new digital currencies is that they do not have any tangible worth.

Bill Gates has joined the other wealthy Wall Street moguls who continuously criticise Cryptocurrencies. "It's kind of a pure "greater fool theory" type investment", Gates said. His concerns regarding Bitcoin price also stem from a security standpoint with concerns that the anonymity and lack of traceability of the currency may contribute to funding illegal activities - stating it has "caused deaths in a fairly direct way".

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Strangely enough, that was not the most extreme comment reserved for cryptocurrency at the recent Berkshire Hathaway annual meeting. In fact, in a previous interview, he had a very naive view that bitcoin is directly responsible for deaths because they are being used to buy drugs. "I think that anybody that tells you now they think they know in some actuarial way either what [the] general experience is like in the future, or what the worst case can be, is kidding themselves".

However, in December, two regulated USA exchanges - CBOE and CME - launched conventional bitcoin futures products, enabling bulls and bears alike to stake out their bitcoin positions in a secure marketplace.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value.

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today.

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