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The executives of Berkshire Hathaway have once again slammed Bitcoin on the companyâs annual meeting.
Billionaire investor and Berkshire Hathawayâs Chairman and CEO Warren Buffett reiterated his negative stance towards cryptocurrencies at the annual meeting of his company Saturday, May 5. Buffet repeated his idea that cryptocurrencies will come to a âbad ending,â and claimed that Bitcoin (BTC) is "probably rat poison squared," according to CNBC.
In response to a question on Buffetâs view of cryptocurrencies raised by an attendee from Ukraine, the âOracle Of Omahaâ has made yet another anti-crypto statement. According to Buffet, Bitcoin is not a âproductiveâ asset, unlike land or corporate shares. As a result, investorsâ demand for it is the only price-determining factor, making digital currency a handy tool for âcharlatans,â Buffet said.
The billionaire investor claimed that cryptocurrency community is in for a âbad endingâ after the âeuphoria wears off.â
Berkshire Hathawayâs Vice Chairman Charlie Munger echoed Buffetâs criticism of cryptocurrency investment, albeit in much harsher terms:
"Someone else is trading turds and you decide I can't be left out."
Earlier in February, Munger called Bitcoin âtotally asinineâ and argued that people get involved in crypto âbecause everybody wants easy money.â
87-year-old Buffet is known for his scepticism towards cryptocurrencies. The billionaire investor has made repeated statements claiming that Bitcoin is neither a currency, nor a way of investing. In October 2017, Buffet claimed that Bitcoin had entered the âbubble territory,â and is âgoing to implode.â
Some institutional players, on the other hand, are much more enthusiastic about Bitcoin. For example, the banking giant Goldman Sachs has launched a Bitcoin trading operation earlier this week, commenting that Bitcoin âis not a fraud.â
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