[2018-05-10] Buffett 'Disciple' Condemns Investor's Views On Bitcoin

[Psicotico]

Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett's recent derogatory statements on bitcoin, stating that the cryptocurrency is "important."

His comments come after Buffett, the chairman and CEO of Berkshire Hathaway, argued that bitcoin is more of a gamble than an investment at the end of April, and then, last weekend at a shareholders' meeting, he said bitcoin is "probably rat poison squared."

While calling himself a Buffett "disciple," Palihapitiya told CNBC that Buffett is wrong about bitcoin.

"Not everybody is right all the time," he told the news source, further suggesting that that knowledge about technology is not in Buffett's "circle of competence."

Palihapitiya, a former Facebook and AOL executive, went on to push for the cryptocurrency's benefits, saying it is a replacement to gold and:

"Something like bitcoin is really important, because it is not correlated to the rest of the market."

Speaking about the financial crisis, he said that "things that we thought were hedges went away" and "broke down." Bitcoin is viewed as providing a hedge to traditional finance by those who have owned the digital currency, he said.

https://www.coindesk.com/venture-capitalist-disciple-of-buffett-condemns-his-views-on-bitcoin/

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[Kprawn]

Why would a successful guy like Warren Buffet go on a crusade to destroy "Bitcoin" investments? The answer is quite simple,

.. He does not want potential investment capital that could have been invested in Berkshire Hathaway to go into Bitcoin

investments. The same reason why "Gold bugs" are trying to tell people that "Bitcoin" is shit and Why Bitcoin investors are

telling Alt coin investors that their coins are shit. We are all the same. 

[WickedPigeon]

Why would a successful guy like Warren Buffet go on a crusade to destroy "Bitcoin" investments? The answer is quite simple,

.. He does not want potential investment capital that could have been invested in Berkshire Hathaway to go into Bitcoin

investments. The same reason why "Gold bugs" are trying to tell people that "Bitcoin" is shit and Why Bitcoin investors are

telling Alt coin investors that their coins are shit. We are all the same.  

I don't think Buffet cares about potential investment capital. That's not his issue. His issues are that he has a shit-ton invested in banks, finance, insurance and credit/ credit card companies. And the disruption train is coming - while uncle Warren is just standing there, just staring at the track, all stupid faced. He's about to get run over.... and I think he kind of knows it...

[darkangel11]

I don't think Buffet cares about potential investment capital. That's not his issue. His issues are that he has a shit-ton invested in banks, finance, insurance and credit/ credit card companies. And the disruption train is coming - while uncle Warren is just standing there, just staring at the track, all stupid faced. He's about to get run over.... and I think he kind of knows it...

Yes, I think that you might be right about his intentions. He also fails to understand how an intangible good that isn't produced and backed by someone can have so much value. I've always said the same thing after reading their theories. They are simply too old for the Internet, just like the samurai who were used to fighting with swords and bows couldn't make the transition into firearms. He knows it and he doesn't care. Old people are stubborn.

[thefaucetrunner]

Buffett is all about value investing. Bitcoin and other cryptos have no fundamental value at this time... Cryptocurrency's value is in its potential and growth.

[pixie85]

Buffett is all about value investing. Bitcoin and other cryptos have no fundamental value at this time... Cryptocurrency's value is in its potential and growth.

That's fine, he doesn't want to invest I'm not going to persuade him. Why attack it though. You don't see the potential, walk away. If he is attacking it it must mean that he's angry at it taking away some of his profits or he's angry because he missed the train.

[milewilda]

Buffett is all about value investing. Bitcoin and other cryptos have no fundamental value at this time... Cryptocurrency's value is in its potential and growth.

That's fine, he doesn't want to invest I'm not going to persuade him. Why attack it though. You don't see the potential, walk away. If he is attacking it it must mean that he's angry at it taking away some of his profits or he's angry because he missed the train.

We dont know on whats the thing on his mind on why he hates bitcoin or crypto too much but well as you said it would be just fine and let it be if he dont like to invest or make such involvement. We do have our own choices in life and for sure most people do know the risk into this very volatile market. Just mind our own business and dont really put too much attention on what that old man was always saying.Waste of time and you are just really stressing yourself out into his words.

[WickedPigeon]

Buffett is all about value investing. Bitcoin and other cryptos have no fundamental value at this time... Cryptocurrency's value is in its potential and growth.

That's fine, he doesn't want to invest I'm not going to persuade him. Why attack it though. You don't see the potential, walk away. If he is attacking it it must mean that he's angry at it taking away some of his profits or he's angry because he missed the train.

Buffett is protecting his investments - his largest holdings are Banks, Insurance and Credit companies. What little he does know about Crypto, he knows will hurt his investments. Buffett is famous for not investing in tech (until Apple, which at the point Buffet invested in it, really isn't tech any more).

It's sad, it's unfortunate, yet he has chosen to use his position with the media to preach against the inevitable changes that Crypto/Blockchain is bring to the world. I'd rather he was with us than against us. But I get why he hates Crypto, and time will show that he is just a man, like any other man, flawed and sometimes wrong.