Published: Wed, May 09, 2018
Finance | By Gustavo Carr

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

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

At Berkshire Hathaway's 2018 Annual Shareholders Meeting over the weekend, Buffett called cyber "unchartered territory" and said the fall-out and business risks from cyber-attacks are "going to get worse, not better". "It does create a rising price, creates more buyers ..."

Tyler Winklevoss, the cofounder of crypto exchange Gemini, is telling Bill Gates to put his money where his mouth is after the billionaire said he would short bitcoin if he easily could. "Bitcoin and ICOs, I believe completely that they're some of the crazier, speculative things", he said. He elaborated that he was gifted some bitcoin for his birthday, but sold it a couple of years later.

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.

"Gates clarified that though he thought the blockchain, the technology underlying cryptocurrencies that is being tested also in diamond-tracking as well as pig-tracking, is promising, "[Initial Coin Offerings] and Bitcoin are not producing anything, it's kind of a pure greater-fool-theory type investment".

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"According to Bill Gates, "[he] would short it if there was an easy way to do it..." providing one of the most bearish statements we've seen from the Microsoft founder and Berkshire directors thus far.

Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful.

Buffett says cryptocurrencies like bitcoin are nonproductive assets similar to gold.

CME Group, the world's leading financial market firm, also launched its own Bitcoin futures contracts on December 17th, 2017. Being an absolute anti-fan of investing into cryptocurrencies, he said that Bitcoin is "probably rat poison squared". The recent decline in the value of bitcoin was the first decline in prices in over four days.

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