Warren Buffet Says Bitcoin Is Delusional With No Value At All And Only Attracts Frauds

26. Feb 2019 Posted by Guest on News

Warren Buffet has continued his onslaught on stating that it is delusion and basically offers no value. Buffet was speaking on an interview with Becky Quick at CNBC where he said that BTC doesn’t produce anything.

Bitcoin losing value since soaring in 2017

Buffet indicated that he was sympathetic of optimists who acquired the largest cryptocurrency in the world with the hope that it could transform their lives.  The crypto company has lost in value by over 80% since 2017 when the company reached a high of almost $20,000. According to WorldCoinIndex currently, the cryptocurrency is trading little over $3, 872.

According to Buffet Bitcoin only attracts charlatans and in the event one engages in such sham business like they may not get value in return. He, however, asserted that Wall Street represent the best way one is assured of huge sums of money.  This is not the first time that Buffet has criticized Bitcoin. In May last year, he created a stir in crypto aficionados when he referred to it as a "rat poisoned square" saying the cryptos will eventually come to a bad ending.

Bitcoin has had a volatile market in the past few days and Buffet's comment after the company saw its stock leap and the instantly fall. On Saturday the price of BTC stock jumped by over 8% which is a record high for the past two months to $4,125 but the gains did not last as the following day it dipped 10% which is its second largest drop for 2018. However, in the latest session Bitcoin appeared to gain momentum and was up 0.6% to $3,867 for the day.

Bitcoin could have potential

He equally pointed out that Bitcoin has potential if it relied on its blockchain technology instead of relying on cryptocurrency.

Other business leaders have equally raised scepticism about BTC such as Bill Gates, fund managers Howard Marks and Ray Dalio as well as economists Robert Shiller and Nouriel Roubini have also voiced their scepticism about the legitimacy of Bitcoin.  Although Jamie Dimon, the CEO of JPMorgan was initially critical about Bitcoin, early this month the financial institution became one of the first mainstream banks to unveil its own security token for overseas transactions and payments.