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Warren Buffett does not like Bitcoin

by on18 March 2014 1279 times

One of the richest men in the world, big business magnate and the most successful investor of the last century, 83 year old Warren Buffett, spoke to CNBC about the current state of the economy. The conversation touched on the Bitcoin or the great attention that this virtual currency is currently gets.

 

In his recommendation Buffett was very clear and he said people should "Get away from him!". Among other thing he called the fame around Bitcoin an illusion, but not because of recent security vulnerabilities that led to looting and the collapse of the stock market. The reason for Buffett's distrust in Bitcoin is that there is no any real value behind it. He looks at virtual currencies as a means of payment, rather than a currency.

He said it is funny that cryptocurrency has its own intrinsic value, and compared it to checks which are also a means of payment, but they don't are not really valuable. According to data from the last year, Buffett's fortune amounted to 58.5 billion U.S. dollars.

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Last modified on 18 March 2014
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