To suggest that the iconic investor Warren Buffett is skeptical of cryptocurrencies might be somewhat of an understatement. The American billionaire has repeatedly lambasted cryptocurrency, calling it everything from ”rat poison squared” to that it lacks ”intrinsic value”.
Buffett: ”Cryptocurrency has no unique value at all”
Now it would seem that the business magnate is at it once again. Whilst appearing on CNBC’s ”Squawk Box” and talking to CNBC’s Becky Quick, Buffett took another stab at Bitcoin.
”Bitcoin has no unique value at all. It is a delusion, basically. […] It attracts charlatans. If you do something phony by going out and selling yo-yos or something, there’s no money in it – but when you get into Wall Street, there’s huge money.”
This latest statement appears to be a comment on the increasing potential of institutional adoption of cryptocurrency. Just yesterday, Nasdaq launched two cryptocurrency indices for tracking Bitcoin and Ethereum.
Nevertheless, those keeping tabs on the cryptocurrency market will know that this is far from Buffett’s first run-in with the cryptocurrency sector. It is, however, notable that Buffett ceded that blockchain technology has significant potential – although he did not go so far as to argue that this lends any credence to Bitcoin.
Max Keiser slams Buffett in response
Be that as it may, the well-known Bitcoin advocate and host of the Keiser Report, Max Keiser, apparently decided to reply to Buffett’s statements. As it happened, Keiser did not tread lightly as he criticized Berkshire Hathaway’s buy-back of its own stocks.
”Buffett’s frauds are innumerable and date back decades. […] It’s pure fraud. Its sole purpose is to commit accounting fraud for the benefit of insiders.”
Nevertheless, Keiser – surprisingly – agreed with Buffett on referring to Bitcoin as ”rat poison”. However, Keiser had a different take on it, indicating that those who would ”get poisoned” by the advent of cryptocurrencies would, in fact, be cryptocurrency opponents such as Buffett.
”He is right. And there is no bigger rat than Warren Buffett. The world is waking up. The Ponzi schemes of Buffett are being revealed and the masses are moving to hard money like Bitcoin and gold.”
Keiser’s words are undoubtedly harsh – just like Buffett’s own words regarding cryptocurrency. In the end, only time will tell whether the billionaire magnate or the financial broadcaster is right in their conflicting predictions.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.