May 27, 2018

Bitcoin price retreats from $10k after Bill Gates and Warren Buffett bashing

09 May 2018, 12:42 | Lorenzo Hawkins

The billionaire also noted his concerns about speculation over insider trading if he were to invest in Microsoft stock

The billionaire also noted his concerns about speculation over insider trading if he were to invest in Microsoft stock

Before Bill Gates, he dared Jamie Dimon, the CEO of JPMorgan Chase to short bitcoin when he said bitcoin was a fraud.

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".

"I agree I would short it if there was an easy way to do it", he said....

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.

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