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Buffett bashes bitcoin, gushes over Apple

10 May 2018

In a report written on Monday, Nigel Green, who is the CEO of financial consulting firm deVere Group said, "What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency".

Gates (value US$91.7 billion) vs. bitcoin (value US$160.8 billion) seems like an unfair tussle, so fortunately fellow mega-rich Apple tech-lover Warren Buffett (value US$84.4 billion) was on hand to side with Bill. "As an asset class, you're not producing anything, so you shouldn't expect it to go up". He also said that bitcoin is a "greater fool theory" kind of investment.

Chamath Palihapitiya, a self-proclaimed "disciple" of billionaire investor and Berkshire Hathaway CEO Warren Buffett, recently revealed that he is bullish on bitcoin, and that his "mentor" is wrong about the cryptocurrency. Even if he doesn't feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps even Goldman Sachs' new bitcoin derivatives product. Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, is also no bitcoin fan, describing it as "worthless artificial gold". "It is like anyone else is buying and selling turds and also you determine you possibly can't be disregarded".

"The people that owned bitcoin in 2012 all the way up to now view it as a hedge to the traditional financial infrastructure".

Last week Asia Times reported that the venture capital firm run by billionaire entrepreneur and PayPal co-founder Peter Thiel had invested in the Tagomi platform, that plans to be the Bitcoin version of an online brokerage to buy or sell crypto-currencies on behalf of wealthy individuals or private family offices.

In remarks amid the network's Squawk Box portion, Gates, who in February claimed cryptocurrencies had "caused deaths in a fairly direct way", regardless did not rebate drawing in with it himself. "I think the speculative wave around ICOs and crypto currencies is super-risky for those who go long". “He once told CNBC, ‘I get into enough trouble with the things I think I know something about.

He added: "To me, it's just dementia".

Buffett bashes bitcoin, gushes over Apple