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Warren Buffett Just Obliterated Bitcoin in Four Words

Warren Buffett Just Obliterated Bitcoin in Four Words

Last week, the Berkshire Hathaway chairman and CEO argued that investing in bitcoin is a gamble, not an investment.

He said investors now are much better off owning USA stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year US government bonds now yielding around 3 percent. They created a product that's hard to create more of but not impossible.

While Buffett said it did seem like more moats had become susceptible to invasion recently, he still observed plenty of companies, such as the See's sweets unit that Berkshire owns, where they were holding firm.

Following to his investing philosophy, Buffet has always cautioned the investors to bet on businesses they understand while admitting "it would have been far better obviously if I had some insights into certain businesses" regarding Google and Amazon. Do they not see numerous world's major tech companies, established banking groups and household name investors investing in, using and/or beginning to adopt cryptocurrencies?

"If people think they're going to make money, it just draws people in". I don't think they're expressing an opinion on the value of it. "Even though they're quaint".

"Certainly, you should work on improving your own moat and you should defend your own moat all the time".

While Warren Buffett and Charlie Munger remain avowed crypto sceptics, Mr. Draper, PayPal co-founder is so confident in the future of crypto that he has set a $250,000 bitcoin price target for 2022. You don't buy a farm and get defensive if someone comes along and says "you shouldn't buy a farm". "You're just hoping the next guy pays more".

"I shall head out and purchase a whole lot of ducks that satisfy the test and horses that satisfy the evaluation and also go really have a reallife example", Buffett mentioned on CNBC's "Squawk Box." . You didn't buy Apple until it was a $700 billion company.

"I clearly like Apple".

"I love the idea of having our 5 per cent, or whatever it is, maybe grow to 6 or 7 per cent without our laying out a dime. There's no reason at all for me to encourage people to buy Apple".

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