Bitcoin A Bad Investment, Claim Warren Buffett And Bill Gates

Buffett

"I agree I would short it if there was an easy way to do it", he stated.

The digital currency has had a roller coaster year so far.

"As an asset class, you're not producing anything and so you shouldn't".

Microsoft co-founder Bill Gates, meanwhile, kicked off the week by telling CNBC that he was also sceptical about Bitcoin.

According to CNBC's Becky Quick, Buffett told her before Berkshire Hathaway's annual meeting on Saturday that bitcoin is "probably rat poison squared".

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"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffett explained.

By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value. 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". The statement from the Board member of Warren Buffet's Berkshire Hathaway comes as the total market cap of cryptocurrencies dropped from over $813 billion to about 438 billion as of today.

What other questions do you have about crypto? 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.

Though Bitcoin has been around for almost a decade, the cryptocurrency didn't really become a true mainstream phenomenon until late 2017 when the price of Bitcoin shot up from about $5,800 to almost $20,000 in the span of just four weeks.

While Bill Gates shares the disregard for cryptocurrencies, he did share that blockchain technology is valuable. "You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is!" Though it certainly didn't help that billionaires Warren Buffett, Charlie Munger, and Bill Gates have taken turns criticizing the cryptocurrency in recent days.

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