Warren Buffett’s brutal warning to Bitcoin investors: ‘It will come to a bad ending’ | World | News

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After hitting a record a few days ago, Bitcoin is falling along with other popular cryptocurrencies. Bitcoin fell 10.1 percent to $ 54,743.57 (£ 39,295.76) in New York on Sunday at 7:30 a.m. after slipping 15.1 percent to $ 51,707.51 (£ 37,116.43) in the Asian market. had fallen. Online reports attributed the slump to speculation that the US Treasury Department may take action against money laundering carried out on digital assets.

Microsoft co-founder and former CEO Bill Gates is said to believe that things will only get worse over time.

Stock market analysis The YouTube channel MHFIN claimed: “Gates has been talking about cryptocurrency for some time.

“It’s pretty obvious he’s not a fan.”

However, Mr. Gates isn’t the only American billionaire who is against cryptocurrency.

Warren Buffett, chairman and CEO of Berkshire Hathaway, has repeatedly said that Bitcoin is a bad investment.

Before the Berkshire annual meeting in 2018, he went so far as to compare the cryptocurrency with the “likely rat poison square”.

Then he said to CNBC, “Bitcoin itself doesn’t do anything.

“When you buy unproductive assets, you are only counting on the next person to pay you more because they will be even more excited about one more person.”

Mr Buffet has something of a story where he knocked on the cryptocurrency.

A few weeks earlier, the so-called “Oracle of Omaha” argued that investing in Bitcoin was a game of chance.

He said, “If you want to play somebody else will come tomorrow and pay more money, that’s kind of a game. That doesn’t invest. “

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The announcement sparked a surge of excitement and a rapid rise in the price of the controversial cryptocurrency.

After his purchase, Mr Musk even claimed Bitcoin was a better investment than owning a fiat currency – but only barely.

He wrote on Twitter that “if fiat currency has a negative real interest, just a fool wouldn’t look elsewhere”.

Mr Musk’s comments followed those of billionaire Jeffrey Gundlach, who said the day before that he now believes Bitcoin trumps gold as a “stimulus asset”.

Express.co.uk does not provide financial advice. The journalists who worked on this article do not own Bitcoin.