Warren Buffett has released yet another reformulation of his negative position on Bitcoin, which endorses feelings with the familiar anti-BTC keywords.
Warren Buffet says Bitcoin "does nothing"
Oracle of Omaha drops some boring clashes against Bitcoin. This time he described the highest ranking cryptocurrency as a gambler-dominated gambling.
As cited by [CNBC] the Berkshire Hathaway chief said:
He does not do anything. It just sits there. It's like a shell or something, and that's not an investment for me. It's a gambling machine … it has a lot of scam to do with it. It has disappeared, so much has been lost. Bitcoin did not produce anything.
Buffett's characterization of Bitcoin as a fraudulent arena is particularly rich given the plethora of charges against Wells Fargo, a bank where Berkshire Hathaway owns nearly 1
In just 20 years The bank was convicted 93 times and fined $ 14 billion. The crimes attributed to Wells Fargo include gems such as counterfeiting, insurance fraud, and illegal accusations, to name but a few.
Every single jurisdiction that has published financial crime reports shows that cryptocurrencies as a whole only contribute to a tiny portion. In Japan, the National Police Department reported that 98.3 percent of the money laundering cases in 2018 did not involve crypto currency.
Buffett has gone through anti-bitcoin rhetoric in the past, calling the cryptocurrency square rat poison. The irony in this retort is that banks are the rats.
Blockchain promises better potential
While Buffett has a stormy investment career, the Berkshire Hathaway boss has often overlooked the boat in terms of technology. Therefore, it is not surprising that he joins the train "blockchain not bitcoin".
According to Buffett, "blockchain is big, he does not need Bitcoin."
The above comment is not surprising when someone starts dismissing companies like Amazon and Apple. In addition, Buffett repeats the false claim that Blockchain is the support system for Bitcoin.
1 / Reminder: "The Block Chain" is the unwanted trash that arises during the useful process of transmitting bitcoins.
In simple terms, the blockchain is the by-product of the cryptographic process used in the process Bitcoin transmission. The "technology" underpins Bitcoin no more than exhaust gases support cars.
Buffett says he intends to use the technology indirectly, but he does not intend to become a prominent player in the emerging landscape.
Should Bitcoin enthusiasts care more about what Nocoiners like Buffet have to say? Let us know your thoughts in the following comments.
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