As Bitcoin is trying to bounce back from its difficult crisis, it has been criticized by crypto critics as a loss to investments. Warren Buffet, a tycoon investor referred Bitcoin as fraud, warning people to stay clear of it.
CNBC reports that Bitcoin is a lazy thing, calling it a slot machine comparing it to a button on his jacket. He spoke this during the annual general meeting of Berkshire Hathaway, which is a Multi-Industry company.
There are losses connected to it because it’s a lazy thing and cannot yield to any profits when invested in it. He said the button has one use which is very limited. He said also that, he will offer $1,000, as a token and see if it will yield to $2,000 by the end of the day.
Warren Buffet’s take on cryptocurrency as a gambling device where fraud is used was an impact to the upcoming investors because of his track record of being an influential and wealthy icon in the top rank of the billionaires in the world.
Looking at his background, he came from humble background where he used to wash cars and sell Newspapers. He started from scratch at the age of 11 years old he had already started investing. By the time Warren Buffet had reached 16 years, he had already amassed wealth of $53,000 at such a young age; he was ranked as a very rich investor.
By the age of 88 years old, Warren Buffet had been ranked the third richest person in the world because of his many investments and the great wealth he had acquired. He had all the knowledge and was smart in the business of cryptocurrency.
He recommended JP Morgan for coming up with its own cryptocurrency, although Oracle of Omaha, the world’s first blockchain which was based on cryptocurrency seemed to disapprove Bitcoin. He added that Blockchain was wide and coming up with Bitcoin was not important
Bloomberg announced that Berkshire Hathaway will be adding more of its stock. Warren has been urging the shareholders to re-purchase the shares later which he had stayed clear off for decades. Warren has found it hard to bring the company back to its feet while Berkshire was becoming a powerful company in the world.
The New York Times reported that most conglomerate companies’ sale and re-purchase the shares for the preparation of upcoming crisis in the company. This maintains the company’s profit rather than succumbing to losses.
Currently Bitcoin is trading at $5,777 less 67% and circulating supply of $ 102 billion, making the coin to depreciate its value and making investors to shun away from it as its being referred to a gambling device.