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Buffett on BTC

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Buffett on BTC

October 27th, 2017

"I don't think the Internet is going to change how people chew gum."
– Warren Buffett

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THE FEATURE

Billionaire Warren Buffett Doubles Down on Bitcoin Doubt


The "Oracle of Omaha" is at it again.

At a recent event, Warren Buffet, among the best-known investors globally (and perhaps in history), weighed in for the second time on another entry for the history books: bitcoin.

Echoing his famous statement from 2014 – "It's a mirage," he said – the octogenarian investor once again appears to have been heavy with criticism. This time around, he called it a "real bubble," framing the excitement around the technology as the natural result of "big price movements" now yielding improper praise.

So, what to make of the claim? As Twitter was quick to point out (sometimes in comparisons less than kind), Buffet has been wrong with his public bets before, most often when it comes to evaluating stocks or companies whose value is derived from leaps in technology.

Case in point: the statements play into the classic "blockchain is the new internet" narrative, a perfect mirror of Buffett's late-90s stance on the web and its wave of innovation. 

In this way, supporters posit the cold water courtesy of Buffet may not be cause for concern, but fuel for counter-argument.
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Japan's SBI Holdings Is Gearing Up to Mine Bitcoin
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UK Treasury: Cryptocurrencies Pose Low Terrorist Financing Risk
The British Treasury has stated in a report that cryptocurrencies like bitcoin pose "low risk" for terrorist financing and money laundering.

Verisign Explores Blockchain for Domain Security System
Internet services company Verisign may use a blockchain as part of a domain name system services extension project.

Diverse Team, Diverse Portfolio: Amentum Raising $10 Million Crypto Fund
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Kansas Commission: Political Candidates Cannot Accept Bitcoin
The Kansas Governmental Ethics Commission issued guidance Wednesday stating that candidates for office cannot accept bitcoin as a contribution.

Multicoin Capital Plans $100 Million Raise for New Blockchain Investment Fund
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American agricultural conglomerate Cargill is testing a blockchain platform to track the provenance of turkey products.

'Full Steam Ahead' for Segwit2x, Developer Jeff Garzik Says
The Segwit2x team is pushing ahead with a bid to change the bitcoin blockchain's rules, according to an email from its lead developer.

'A Real Bubble': Billionaire Warren Buffett Doubles Down on Bitcoin Doubt
Billionaire investor and Berkshire Hathaway CEO Warren Buffett said bitcoin's price is in a bubble during a question-and-answer session this month.

Low Volume Lift? Litecoin Prices Rise But Big Leaps Unlikely
The price of litecoin appears to be benefiting from crypto market conditions, but low volumes suggest any larger lift-off might not be in play.
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