Published: Wed, May 09, 2018
Markets | By Josh Butler

Bill Gates Says Short Bitcoin, Calls it Worthless Artificial Gold Investment

Bill Gates Says Short Bitcoin, Calls it Worthless Artificial Gold Investment

"I'm delighted to see them repurchasing shares", Buffett said, just two days after he revealed having bought 75 million additional Apple shares, and four days after Apple said it may repurchase $100 billion of stock. Buffett said investors would instead be much better off investing in United States stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds.

Gates dismissed bitcoin as an asset class saying it does not support any real production activity and as such, there was no reason why it should be expected to increase in value.

Gates believes that Bitcoin and ICOs are "some of the crazier, speculative things" said Gates.

At the recent shareholder's conference of Berkshire Hathaway, Buffett described bitcoin as "rat poison squared".

"Gates clarified that though he thought the blockchain, the technology underlying cryptocurrencies that is being tested also in diamond-tracking as well as pig-tracking, is promising, "[Initial Coin Offerings] and Bitcoin are not producing anything, it's kind of a pure greater-fool-theory type investment".

George Clooney jokes at Met Gala in NY
Donning a black, beaded lace gown by Stella McCartney, Rihanna shimmered on the carpet and proved her sexy style was here to stay. The 2008 theme was "Superheroes: Fashion and Fantasy", which is a touch sophomoric, but hey, it was simpler times.

Deciding exactly what is impacting the price of Bitcoin at any time is no science. Now however, Berkshire Hathaway's largest holding is iPhone-maker, with Buffett again admitting Saturday that he made the "wrong decision" regarding and. 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.

In December 2017, when the crypto market reached record-level highs Bitcoin futures qere launched.

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.

Buffett says cryptocurrencies like bitcoin are nonproductive assets similar to gold.

Gates, retired from his Microsoft role, now works with another cryptocurrency critic, legendary investor Warren Buffett.

Like this: