Bitcoin falls after billionaires Bill Gates and Warren Buffett say this

Bitcoin falls after billionaires Bill Gates and Warren Buffett say this

Charlie Munger, Warren Buffet, and Bill Gates, three staunch anti-Bitcoiner's, have shocked no one by talking negatively about cryptocurrencies. What Buffett was saying about bitcoin was that you may purchase it, however it would by no means produce something of worth. "[Bitcoin and cryptocurrencies] are kind of a pure 'greater fool type of investment", Gates added.

I agree with him there.

After Buffett's and Gates' criticisms on bitcoin, prices of cryptocurrencies experienced a drop on Tuesday, Yahoo! Every little clearly helps. Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, described bitcoin as "worthless artificial gold". 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 USA government bonds.

Quickly countering Gates' new interview meanwhile was one of the Winklevoss twins, Tyler, who founded cryptocurrency exchange Gemini. The continued expectation of regulation is also believed to have prevented bitcoin crossing the US$10,000 mark.

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Buffett said that person did the right thing - selling bitcoin - and said investing in shark's teeth, seashells or tulip bulbs follows the same principle: hoping someone else offers a higher price. I believe his recent comments on cryptocurrencies illustrate his lack of understanding in this area and how he perhaps needs to be educated on what is likely to be the future of money.”.

Bill Gates' skepticism toward crypto is no surprise given his cynical outlook on the entire market. A tech heavyweight like Gates could be another matter.

"If you don't understand it, you get much more excited", Buffett earlier told. LinkedIn is owned by Microsoft.

However, considering that Berkshire Hathaway's largest holding at this point is Apple who are largely known for their successful smartphones, Buffett admitted that he made the wrong decision regarding companies like Amazon and Google. The Motley Fool has a disclosure policy.

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