Bitcoin Forum

Phenomenal rise of Bitcoin economy would actually mean fall of the traditional banking and lending systems. Berkshire Hathaway (Warren Buffett's company) is heavily invested in Banking and financial sector. Take a look at Berkshire Hathaway's portfolio here:

http://en.wikipedia.org/wiki/List_of_assets_owned_by_Berkshire_Hathaway (http://en.wikipedia.org/wiki/List_of_assets_owned_by_Berkshire_Hathaway)

Another reason could be that Warren Buffett is a very traditional, old-school investor who probably does not recognize the importance of investing in new technologies. By looking at his portfolio, you will notice that Berkshire Hathaway does not own any stake in Microsoft, Google, Cisco or any other prominent tech company (except IBM which was founded back in 1911) despite the fact that these tech investments have been performing best over the past two decades.

That says it all..!

I read his book The snowball of life (very interesting book btw) in which he explains it in short: he only invests in companies he understands and have a (potentially) very broad market. He doesn't invest in software, but does in beverages, food, transport, etc.

Rich people always, without exception, benefit from the fiat money system

Fiat is a redistribution mechanism from hard working people to rich people. This is achieved via loans that are then leveraged to enslave people as tenants or workers.

Sure a gold based system also allows for rich and poor people, but not on the same order of magnitude. You cannot create 1000 ounces of gold from thin air, then build a factory or an apartment block, to let human cattle aka goyim, work for you.

IS FIAT GOOD FOR YOU?

If your investment income (interest, dividends, rent) is higher than your living expenses, then yes it is.

It is the 1% vs the 99% plain and simple. >:(

PS W.B. is a great investor no question. But ask yourself, how can the price of a company that he bought (e.g. Bank of America) go up so much? The price could only explode because there is so much liquidity. So again the creation of money from thin air makes the rich richer, while poor people cannot afford to buy large quantities of stocks, and remain poor.

Here's what Warren Buffet had to say about Bitcoin:

to see the video, just Google

"Buffett blasts bitcoin as 'mirage':" 

The way he talked gives an impression that he does not have full understanding of Bitcoin.

An old man who prefers not to invest in tech stuff says he doesn't want to invest in bitcoin and suddenly he's an enemy.

He'll have to finance his own bunker when the end times come because surely his face is on the dartboard of every libertarian's survival compound now.

Never cease to amuse, bitcointalk.

LoLz ...u got the basic and u know why it is buy time :)

Let others troll becoz Buffet said it is a bad investment ;)

WB is not a bad guy in fact he admitted on several occasions that something is wrong with the system

He did not even state that Bitcoin was a bad thing, just that it was doomed. He may be right. He thinks the system is flawed, but may succeed in killing Bitcoin.

Buffett is a good smart investor, but it doesn't mean anything he invested in will succeed, and anything he did not invest in will fail. It has been said above that Buffett does not like investing in technologies, may be he just doesn't understand them. Buffett has not invested in any smartphone companies, see how successful smartphones are now.

the OP's opinion is valid. but there could be a different reason.

imagine you found out that a plot of land could potentially hold alot of gold. and the land is up for auction. one thing you would do is calculate its true potential and then look at the initial costs to get involved.

then what you would do is notice if other potential parties are showing interest.. and ofcourse tell them that the land may contain landmines, was a hazardous chemical disposal site. has no permissions for digging or construction.. you would find any excuse you can to persuade others to not bid for that land to avoid the competition of a bidding war, costing you more to get that land.

same goes for bitcoin. instead of him buying $10k of btc a day to try keeping a stable price of sub $600, with little to no competition. if he told everyone it was a great investment. major finance teams would be buying it up. and he would then have to pay $1200, $2k, $3k per bitcoin, costing him dearly.

the only time you see rich people tell the general public that its a good time to buy or there are positives to buy.. is the time these rich people are ready to sell.

That's even more interesting. The plot thickens...!!

Perhaps Warren Buffet has realized that his most difficult task is now to maintain his net worth, not increasing it.

I heard that his book "The snowball of life" is very good

Bitcoin isn't need for that. They're doing a great job failing all by themselves.

It is! It's a lot of pages to chew through, but it's a very detailed chronology of his life amassing money.

This proves that WB only cares about his Co's and his stockholders bottom line profits and not the financial well being of all the American people !

Buffett has bitcoin wrong
Great investor that he is, he has been wrong about stuff before

To repeat the OP's point, one of the important reasons is that Berkshire Hathaway is a large shareholder in many banks/financial institutions.
Reference mentioned in the OP pertains only to stocks.  Indeed, Berkshire Hathaway's exposure to financial sector is larger, as it holds significant amount of debt and debt-like instruments from that sector.

I don't think of him as an enemy. He just doesn't get it. Lot's of people don't get it.

Buffet is definitely old school and dealing in tangibles.

I'm pretty sure he's hired someone to run his cell phone for him and he does not see the future the way it's shaping up or else he'd invest in future technology even if he's not going to live long enough to see it come to fruition. That he is still caught up in the fiat system and banking shows he'd never support bitcoin as an investment - not even to get rich (maybe short term but long term investment). He probably figures fiat is so rooted into the collective conscious that bitcoin is a fad like the liberty dollars and isn't worried about it.

Buffet has long since been corrupted by his wealth and bluntly, probably not much longer on this earth anyway. His generation of investors are going to be part of the Fall that is coming. Again, the world is experiencing a paradigm shift and the Revolution has become digital - where the Old School is at a massive disadvantage, which is why they're losing, threatened, and freaking out.

Their empire is falling.

Good riddance.

think of it this way.  Warren Buffet spent his entire life making money the old fashioned way.  $39 billion.  now he's gonna take $38 million and put it in Bitcoins.  and make a $1000000 trillion profit in the next coming months after the landslide, and Bitcoin Island becomes a country.  people will look at him like the devil.

He has benefited his whole life from the fiat money system. You can't blame him for wanting to maintain the status quo.

Bitcoin disrupts the current financial/banking system. Investors in the current financial/banking system don't like Bitcoin. Is this supposed to be news??? It's 2014 guys we knew this like 2 years ago didn't we?

I completely agree with you. If you got rich doing something why change right?

It would be better for WB in many ways other than his and his investors bottom-line-$-profits, to try and help his fellow Americans who are using and investing in Bitcoins, instead of only caring about himself and the investors in his Co's !

Do you actually know a single libertarian with a "photo" dartboard in their survival compound?

Or might have realized that he is too old now to engage in experimentation.

In general, why should a traditional multimillonaire investor care about bitcoin?
This is something new and untried, and a currency that not are recogniced by any country. Why should he even risk his name and reputation even to talk positive about it, or invest money in it. In general investors invest mostly in safe opportunities, they do due dilligence for months before deciding to invest. A true experienced establishedinvestor that have a honey pot take minimum risk ith his funds, if you are WB or other.

They let others take the risk, for example regards to start ups, in a later phase when its proven they buy in at "cheap" price ride the upcoming wave and sell on the right point. They have huge teams that do the due dilligence and investigate so WB and the owners have the correct info so they can take the right decision at any time regards to their experience.

 

I agree Warren can remain ignorant he doesn't need to get it, he will use it if it becomes handy to him

If I had a bitcoin for every 400 Federal Reserve Notes Warren Buffet has...I would be a billionaire.

I think I would be like Nice Job Old Man
Although this is still kind of small for him in market cap :)

Logically this implies that Bitcoin is a currency, not a check (cheque).