BADecker (OP)
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October 28, 2017, 08:16:38 AM |
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Billionaire Investor Warren Buffett Says Leading Cryptocurrency Bitcoin in 'Bubble' Territory Based on a report by MarketWatch, Buffett presented his views on Bitcoin and the cryptocurrency market during an annual question-and-answer session in Omaha, Nebraska in early October 2017. During his remarks, Buffett claimed that Bitcoin is a "real bubble."
"People get excited from big price movements, and Wall Street accommodates. You can't value Bitcoin because it's not a value-producing asset."
Performance of Bitcoin in the market
Bitcoin sustained its phenomenal performance after fluctuating at about $4,300 in early October. Bitcoin price has jumped to over $6,100 on Oct. 20.
Meanwhile, the negative view of Buffett on Bitcoin is not surprising as the well-known investor has already expressed such comments in the past. In 2014, the billionaire advised that investors should keep away from Bitcoin because the cryptocurrency is "basically a mirage."
Other opinions on Bitcoin and the cryptocurrency market
Aside from Buffett, other virtual currency market observers have also issued their opinions on the latest developments in the market. In his comment, Prince Al-Waleed bin Talal of Saudi Arabia has claimed that he does not believe in Bitcoin completely and expects the digital currency to fail. Read more at https://cointelegraph.com/news/billionaire-investor-warren-buffett-says-leading-cryptocurrency-bitcoin-in-bubble-territory.
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xantor
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October 28, 2017, 08:49:45 AM |
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hehe some people simply think that bitcoin is a bubble at any price > 0 bitcoin doubters will always say its value will drop and people will cry in the streets and then there's this vid i saw where the bitcoiner challenged his disbelieving friend to sell him 1 bitcoin for somthing like 3K usd at the end of the year. he offered this deal back when bitcoin was selling for around 3K usd if that friend is smart, he would have already bought bitcoin at current price -- AT the moment they had that deal. After all, that would be the only way to AVOID taking a loss on that deal. But if the friend is a true disbeliever, he would wait wait until the price of bitcoin goes down down hehehe it's an interesting way to challenge ur disbelieving friends (provided u believe bitcoin is worth AT LEAST the current market price  ) |
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Iranus
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October 28, 2017, 09:27:33 AM |
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he offered this deal back when bitcoin was selling for around 3K usd
I don't gamble like that. If BTC lost value I'd be pretty far down the shitter. hehe some people simply think that bitcoin is a bubble at any price > 0
Some people (including me) think it's in a bubble when the price multiplies by six within a year and everyone is completely euphoric in assuming that the price will continue to rise exponentially forever. Personally, I think that that kind of position (in which people's attitudes and the price rises are what to consider) is much more reasonable than just assuming that Bitcoin could never be in a bubble no matter what happens, which is obviously false because it has happened several times before. However I do think that Buffet needs to distinguish between BTC being "in a bubble" and being "a bubble". He also needs to point out that fiat currencies are not value-producing assets. |
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asy7
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October 28, 2017, 09:34:47 AM |
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Noone can know exactly, is Bitcoin a bubble or not. We just can keep watching the situation.
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warrior333
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October 28, 2017, 09:59:30 AM |
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Now nobody knows bitcoin is a bubble or not. But even so I can't abandon the use of bitcoin. It really brings me income. I will never lose money. Now I receive income only from investments made using bitcoin. If we all listened to the advice of those who created the unjust Fiat system we would have remained poor. Like Buffett lose their power over the world's finances so nervous and trying to dissuade us from using bitcoin.
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Don Pedro Dinero
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The first decentralized crypto betting platform
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October 28, 2017, 10:03:57 AM |
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he offered this deal back when bitcoin was selling for around 3K usd
I don't gamble like that. If BTC lost value I'd be pretty far down the shitter. hehe some people simply think that bitcoin is a bubble at any price > 0
Some people (including me) think it's in a bubble when the price multiplies by six within a year and everyone is completely euphoric in assuming that the price will continue to rise exponentially forever. Personally, I think that that kind of position (in which people's attitudes and the price rises are what to consider) is much more reasonable than just assuming that Bitcoin could never be in a bubble no matter what happens, which is obviously false because it has happened several times before. However I do think that Buffet needs to distinguish between BTC being "in a bubble" and being "a bubble". He also needs to point out that fiat currencies are not value-producing assets. I totally agree. However, one thing is to consider that it is a complete bubble and that price is going to go down to zero in the future and another thing it to consider that it is in a bubble in the sense that the price is overheated, and that it has to correct at some point, which is what I think. |
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Krikke
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October 28, 2017, 10:06:29 AM |
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There have been so many bubbles in the world... what if Bitcoin is also one? If you look at the stock market after every bubble there has been an increase in value... nowadays stock exchanges a getting higher than ever.
I believe currently bitcoin is not in a bubble -yet-, the marketcap is like 100 billion$ (+there are many bitcoins already lost, so the actual marketcap in my opinion is lower), there have not been many people that invested in BTC yet...
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BlackRacerX
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October 28, 2017, 10:11:06 AM |
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Well, im another perspective, you can view bitcoins as a bubble because it rises fast. The price of bitcoins actually increases astonishingly fast and like any other bubble, when it reaches a high enough distance, it pops. I hope bitcoins doesn't die off when it reaches its highest that's why I'm afraid of it so much.
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talkbitcoin
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All I know is that I know nothing.
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October 28, 2017, 10:20:26 AM |
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Warren Buffett has always been so negative about bitcoin. he takes any opportunity to call bitcoin out like this. and now is a perfect time to start and have a good chance of being right. like what JP Morgan's CEO did recently back when there was a correction on the way.
there is always some sort of benefit for them to say these things though. we saw Jaime Dimon's action led to them investing a lot in bitcoin when price dropped. now Warren Buffett may not be directly benefiting from this but if it wasn't somehow beneficial for him, he wouldn't have spoken about bitcoin at all.
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sharpshot
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October 28, 2017, 10:21:00 AM |
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I like Warren Buffett but wasn't he saying similar things about Google and Amazon when they were at much lower valuations than they are now? Perhaps the fact that so many people think bitcoin is in bubble territory is the strongest argument for it not being so? With previous bubbles I've seen, almost everyone doesn't see it until its too late.
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bitorama
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October 28, 2017, 10:22:35 AM |
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maybe he just want bitcoin dump and buy in
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Beerwizzard
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October 28, 2017, 10:29:43 AM |
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Warren Buffet is a smart guy and he got my respect, there is no doubts that in some places he is right but bitcoin is not his usual field of duties. The problem is that such investor are always taking bitcoin as an asset (and it is, but partly) and not as a currency. I don't think that currencies can somehow produce their own value like it could be with assets.
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Zackgeno96
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October 28, 2017, 10:39:06 AM |
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This is not the first time, when he has criticized the bitcoins; previously also he has done the same. I think it will not change the views of the seasoned bitcoin investors/users, only few people who are new to the bitcoin community may be influenced by his views. There are many big names who don't trust the bitcoins but it did not affected the bitcoin brand, as the bitcoins are breaking the record continuously.
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aso118
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October 28, 2017, 11:08:30 AM |
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He is not very far off the mark. All asset classes, from stocks to real estate to crypto currencies, seem to be rising very quickly. Commodity prices have also rebounded from their lows. It is all a problem with the easy money policy of various governments of the world.
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ekoice
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October 28, 2017, 11:17:45 AM |
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Warren buffett is a successful investor.But at the same time,he has knowledge only about traditional businesses and so he invests only in such fields.He does not know about technology related fields and so he does not invest in it.So,we should not give importance to his words about bitcoin as he don't know about it clearly.
Price of saudi is in power and he would not like a decentralized currency like bitcoin to gain importance as they would not be able to control their citizens enjoying financial freedom.
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Lieldoryn
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October 28, 2017, 11:19:06 AM |
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Warren Buffet is a smart guy and he got my respect, there is no doubts that in some places he is right but bitcoin is not his usual field of duties. The problem is that such investor are always taking bitcoin as an asset (and it is, but partly) and not as a currency. I don't think that currencies can somehow produce their own value like it could be with assets.
It seems to me that Warren Buffett may not be an expert in bitcoin. This currency unusual behavior. We are now in the stage of primitive accumulation of capital. This pushes the price of bitcoin up. Supporters of bitcoin is worldwide, so the growth of capitalization has great potential. When this stage will end of course the price of bitcoin will decrease, but this is not due to the fact that the bitcoin bubble. Bitcoin will start to become a currency. |
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