Warren Buffet: The Idea that Bitcoin has Value “Is Just a Joke”

[LoyceV]

So,he has always tried to stay away from technology related company.

Buffett also never invested in Facebook or Twitter.

Fool.com wrote this in 2014:

Consider what he said the 2001 letter to Berkshire Hathaway shareholders as the market began to watch the dot-com bubble burst: "At Berkshire, we make no attempt to pick the few winners that will emerge from an ocean of unproven enterprises. We're not smart enough to do that, and we know it."

More recently, as shown in the video below, Buffett noted that he has been successful because he sticks to industries and companies he's most comfortable with. These are also the sectors he understands and for which he can determine a true value.

From his perspective, he is of course right! He does what he does best, and it made him one of the richest men on the planet.
Especially the bold part is true: While early investors in Bitcoin or Facebook made massive profits, at the same time many high-risk venture capital investments turned to dust. In hindsight it's easy to pick winners, when I first saw Bitcoin I never expected it to grow this much. I wish I did!

[carrie_white]

In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.

Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.

Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.

Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.

https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/

it is evident that no one can predict the future, especially bitcoin, even rich people like warren buffets who have extraordinary experience in the field of business also experienced a big mistake in predicting bitcoin, and consider it only joke

[jman0war]

Gold is irreplaceable: Almost half of the gold sold is used in electronics and medicine. It's not just about jewels.

Gold is unique: it has unique properties.

Gold is scarce. You could fit all the gold in the world on a tennis field.

Gold is not irreplaceable it's price has no correlation to it's industrial nor decorative uses.
The scarcity is only a temporary condition.
Probably in 100 years we'll start mining asteroids and then gold will no longer be so scarce.

[bitfocus]

Mr. Buffet is a successful investor, but he lives in Paper Money era and Cryptocurrency is the future. And as for future, Bitcoin will be the king among other cryptocurrencies. Also, everything Mr. Buffet says is not single meaning words, Example, when he bought a huge stock of Coca-Cola, in a next interview he just mentioned that he takes his major calory from coke - see, how wisely he advertises what he values in simple interviews?.

Mr. Buffet will invest in Blockchain and Cryptocurrencies just like Mark Cuban or Jamie Dimon of JPMorgan. Also, there could be some reason that Mr. Buffet is thinking of his very own Crypto (maybe buffet coin, hahaha) and he is just making it's way easy against Bitcoin.

[stompix]

I’d like to know what he thinks of gold then and if that differs from his opinion over Bitcoin, why that is.
I think he needs to be educated a little more about the underlying technology behind Bitcoin and about Bitcoin itself if he thinks it just stands for a form of transferring money anonymously.
I wouldn’t be surprised if one of his many companies have investments in Bitcoin either. He may be one of the most successful businessman the world has seen but I think he’s a bit mistaken on this front. 

http://commodityhq.com/education/top-seven-warren-buffett-quotes-on-gold-investing/

“Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”

Now honestly, you want to educate a 87 yo man to be prepared for a technology he is going to enjoy...a few years at max?

Mr. Buffet is a successful investor, but he lives in Paper Money era and Cryptocurrency is the future.
Mr. Buffet will invest in Blockchain and Cryptocurrencies just like Mark Cuban or Jamie Dimon of JPMorgan.

Yeah , mainly because he has spent almost a century living in this era?
I really doubt it. He has a way of investing only in things he understands how they work.
Probably it's too late for him

[illinest]

What statement do you expect from Warren Buffet, he is a known investor for more than 40 years and all of his investments and assets are based on a fiat currency. How will you expect him to embrace the use of crypto currency if it will somehow affect his existing investments and businesses.

I wouldn't say that Berkshire Hathaway's investments are based on "fiat currency".... Buffet is a value investor, not a technology visionary. He's not a Silicon Valley tech guy. He has always invested heavily in reliable blue chip and infrastructure sectors. He likes traditional industries that he can wrap his head around and analyze the growth/revenue fundamentals.

Berkshire wasn't invested in many of the top growing technology companies, and Buffett has actually said that he'll never invest in Facebook or Twitter, regardless of how they perform.

He doesn't invest in things he doesn't understand. I can respect that. Fortunately, we as early adopters can prove him wrong about Bitcoin on the open market.....

[HeRetiK]

[...]

I really doubt it. He has a way of investing only in things he understands how they work.

[...]

...which is something I wished more people in crypto would do.

Of course the market would be a whole lot more boring, but at least pump-and-dumps, buzzword speculation and a lot of other questionable "investments" would fall on far less fertile grounds. Then again I guess that's what makes crypto so fun in the first place.

[coolcoinz]

Old habits die hard. Warren has been using paper money for so long that he can't understand that an independent, decentralized economy can exist. To him it's just all that hippie ramble. It's a normal thing. Try to talk to any 80 year old person about cryptocurrency, programming, and they won't understand it. You really need an open mind to learn and accept things like that and most 80 and 90 year olds are close minded. They live in the past.

[glowing10]

Will this effect the market for some time because like last time when Jamie Dimon said about btc the market has fallen sharply and now its Warren Buffet. When such highly intellectual people speak it might effect the market though it may be temporary and then rise back again like it had happened last time with JPM CEO case.

[Aquazi]

I wrote an article about value of cryptocurrencies if anybody's interested.

https://medium.com/@enricopolanski_16624/understanding-the-value-and-price-of-bitcoin-and-other-cryptocurrencies-5166cfdf9533

[cizatext]

In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.

Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.

Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.

Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.

https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/

Any way that is just his own opinion about bitcoin and his his judgement is base on his lack of adequate knowledge about bitcoin. I guest he share the same view about gold also if not so buffet has miss it altogether.

[learner 7]

This is only his opinion of whoever he was. He may not already understand that the world is changing and we either go with him or stay where we were.