Bill Gates reveals himself as one of Bitcoin's harshest critics

10 May, 2018, 06:51 | Author: Tara Reeves
  • Bill Gates says he would short Bitcoin if he could find an easy way to do

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.

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. He also responded to a question from the audience about Bitcoin by saying that it and other cryptocurrencies "will come to bad endings". Charlie Munger, a Berkshire vice chairman and longtime associate of Buffett, described bitcoin as "worthless artificial gold". Bitcoin and ICOs, I believe completely [they're some] of the crazier, speculative things. "It's kind of a pure "greater fool theory" type of investment".

Warren Buffett said Monday in an interview with FOX Business' Liz Claman that Wells Fargo has a great future as the bank launched a new brand campaign to fix its image in the wake of a fake account scandal.

Though Bitcoin has been around for almost a decade, the cryptocurrency didn't really become a true mainstream phenomenon until late 2017 when the price of Bitcoin shot up from about $5,800 to almost $20,000 in the span of just four weeks.

That is why some cryptocurrency consultants suppose that buyers ought to ignore Buffett's and Munger's repeated bitcoin bashing. "That is not something I think the world needs". As of 10:30 am EDT Monday, all of the 10 largest cryptocurrencies were in the red. At the beginning of this week, the top ten cryptocurrencies were in the red, and Bitcoin is down by three percent in just 24 hours.

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It's probably rat poison squared. For example, Buffett has acknowledged that he regrets not getting in on Amazon years ago.

Bill Gates has also been known for cooperating with the government in defense matters, with many criticizing him for his apparent lack of care when protecting the privacy of customer data when compelled by the legislature for information. The theory suggests that the investment is made in the hope that someone else will buy the asset for more than you bought it for.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft.

Buffett's company, Berkshire Hathaway, is the biggest shareholder in Wells Fargo, which has been mired in scandal for more than a year.

Brokerages expect that Berkshire Hathaway (NYSE:BRK.B) will report $2.01 earnings per share for the current quarter, Zacks Investment Research reports.


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