During a Berkshire annual meeting on Saturday, Buffett admitted to CNBC that bitcoin "was probably rat poison squared". "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".
"Bill Gates clarified his statement, explaining that although the blockchain technology being behind Bitcoin price are being used in other industries such as diamond-tracking and pig-tracking, "[Initial Coin Offerings] and Bitcoin are not producing anything, it's kind of a pure greater-fool-theory type investment".
Bill Gates has joined the other wealthy Wall Street moguls who continuously criticise Cryptocurrencies. "People like to speculate, they like to gamble". He added someone once gave him some bitcoin for his birthday, but he sold it a few years afterward.
He additionally responded to a query from the viewers about bitcoin by saying that it and different crytpocurrencies "will come to unhealthy endings".
Just as bitcoin was soaring back to five-figure levels (reaching US$9,932 on May 5), two of the world's richest people chose to bring it back down to Earth with a bump.
Bill Gates is not the first important figure that talks negatively about cryptocurrencies in general.
"I like cryptocurrencies a lot less than you do", Munger told Buffett at a Berkshire Hathaway shareholders meeting this weekend.
CME Group, the world's leading financial market firm, also launched its own Bitcoin futures contracts on December 17th, 2017.
Gates, retired from his Microsoft role, now works with another cryptocurrency critic, legendary investor Warren Buffett. This is still good news for Bitcoin investors as this price is still an approximate 25% gain over the past month.
Trump seeks African support for US World Cup bid
Geopolitics always come into play when selecting hosts for the largest global sporting events, the World Cup and the Olympics. Last week Trump issued a veiled threat against nations that may align in voting blocs against the North American bid.
Jose Mourinho speaks on his future at Manchester United
The England ace said: "We want to keep winning". "We have to continue, we have three games to prepare for the final". The Red Devils remain on course to finish in second place in the second season under the Portuguese head coach.
Mass child sacrifice found in Peru
Analysis of the remains has also left researchers thinking that the cuts "were made by one or more trained hands". The site is formally called Huanchaquito-Las Llamas and falls within a residential neighborhood.
Barca hold Madrid to remain unbeaten
And with little to play for apart from a second-place finish, there is no need to risk Ronaldo. Bale received a pass from Marco Asensio on that possession. "We had a lot of chances".
Google launches its own IoT platform called Android Things
However, it seems like users will be able to access some of the Android Auto features even without owning an Android phone . Although officially Google IO doesn't begin until tomorrow that hasn't stopped Google from beginning their announcements.
Wisconsin man celebrates eating his 30000th Big Mac
His achievement was acknowledged by Guinness World Data in 2016 when he was tallied in at 28,788 Massive Macs. Over the past 44 years, Gorske has only gone eight days in total without consuming a Big Mac.
Oculus Go Standalone VR Headset on Sale Now
The headset, announced last October, starts at $199, and it functions like the Samsung Gear VR headset with numerous same apps. Starting at $199 Dollars for 32 GB of storage (or $249 USD for the 64 GB model), Oculus Go was designed with comfort in mind.