Warren Buffett Advocated Investor Stay Away From Bitcoin

Investor billionaire Warren Buffett has joined the ranks of people who believe the market for bitcoin is in the bubble territory.

According to MarketWatch, Buffett mentioned the topic at an annual meeting held in Omaha earlier this month. While Buffett focused on a variety of topics, he studied in the cryptocurrency market in his remarks.

Billionaire Warren Buffett Doubles Down on Bitcoin Doubt

“People are interested in big moves, and Wall Street adapts,” he said. By describing bitcoin as a real bubble, Buffett also criticized the idea of applying a value to bitcoin.

He told the attendees:

“You can not evaluate bitcoin because it is not a value creation property.”

According to CoinDesk, Buffett’s comments were made mid-month for bitcoin prices. After hovering around $ 4,300 in early October, prices have risen more than $ 6,100 less than a week ago.

That Buffett would have a tough stance against bitcoin is perhaps not surprising, as in 2014 he encouraged investors to stay away from bitcoin altogether.

“It was a basic illusion,” he was quoted as saying at the time.

Buffett is also not the only market observer to comment on the recent developments of the market. Earlier this week, Saudi King Al-Waleed bin Talal said he hoped the bitcoin would fail.

Warren Buffett Advocated Investor Stay Away From Bitcoin

Others, however, have adopted a different approach. On October 24, “Dean of Valuation, University of New York”, Aswath Damodaran, argues that Bitcoin is a real currency and not a fraud in a new blog post.

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