It’s a common knowledge that Warren Buffett, the greatest stock market investor of all time, hates bitcoin and most of the other cryptocurrencies. Here’s what he famously stated regarding bitcoins:
- “Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.”
- “Cryptocurrencies will come to bad endings… If you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”
I, myself, was also not a big fan of cryptocurrency, two years back. Being a follower of Warren Buffett, I
always thought that he would have a better insight compared to average investors like us given the resources and tools available to him. However, instead of blindly following my idol, I decided to give bitcoin ‘a benefit of the doubt’ and started reading about it. After around two years of consistently reading about cryptocurrencies and bitcoin, now I differ from Warren Buffett. I believe that bitcoin is not evil. They might not have intrinsic value like stocks or gold, but they do create their own value by offering the advantages and services that traditional coins can never offer.
Anyways, in this thread, I want to discuss how many of you hate bitcoins given you exactly understand what it is and what it does?