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Max Keiser joined us for a discussion on Warren Buffettâs turn away from fiat.
According to Max Keiser, host of popular RT show the Keiser Report, it is only a matter of time before Warren Buffettâs Berkshire Hathaway will invest in Bitcoin (BTC).Â
Not long ago, Buffett sold most of his positions in major banks and bought shares in Barrick Gold â a large gold mining company. For Keiser, this represents a U-turn in Buffettâs investing strategy:
âThis will be the beginning of a huge transition out of financials, which he dumped recently into gold. And then, therefore, he, or whoever takes his place, will soon be moving into Bitcoin.â
After years of bashing both gold and Bitcoin, Keiser says that Buffett realized these are now âthe go-to assets for preservation, for protectionâ against the depreciation of the U.S. dollar. According to Keiser, people shouldnât spend time trading in the altcoin market, which he equated to gambling.Â
âYou may make money over one month, two months. But are you going to make money over five, 10, 15 years gambing? [...]Â The answer is a big fat no.â
Keiserâs rant didnât spare Ether, the second-largest cryptocurrency, which has come under fire recently due to allegations around its outstanding supply.Â
âItâs still on beta, it shouldnât even be trading!â Keiser said. Instead, people should be focusing on hodling Bitcoin.Â
According to Keiser, one of the major causes of global inequality is caused by the uneven way money is distributed throughout the economy by central banks.
Keiser pointed out that this phenomenon has been particularly evident since the United States Federal Reserve injected a massive amount of cash into the economy to counter the effects of the COVID-19 pandemic. Keiser pointed out that most of the money was used to bail out large firms, while end-consumers see little benefits.
On the contrary, âBitcoin goes directly from God to the consumers,â Keiser said.Â
To watch the full interview with Max Keiser, check it out on our YouTube channel, and donât forget to subscribe!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.