URGENT NEWS - Warren Buffet declares Bitcoin as a BAD INVESTMENT

[zeroday]

Buffet is smart enough not to tell public what he thinks.

In reality he is probably already started to buy bitcoins to manipulate market in the future.

[rmines]

This comes as no surprise for me.
It is not exactly a secret that Buffet's investment strategy has always been to invest in stuff he understands and knows. I'm pretty sure he does neither of both about bitcoin.

[kireinaha]

Buffet is smart enough not to tell public what he thinks.

In reality he is probably already started to buy bitcoins to manipulate market in the future.

lol made me laugh. i like to picture old man buffet at home decked out with top of the line mining hardware, simultaneuously telling everyone that it has no future. "nothing to see here, folks."

buffet doesn't even own a computer, he knows jack shit about anything technology related.

edit: i saw him at the grocery store a couple years ago trying to use the self checkout lane to buy some coke and other shit, and he couldn't figure out how the barcode scanner worked, people tried to help him out but he got pissed off, mumbled some derogatives about kids and computers, threw a tantrum and left.

[OgNasty]

Warren Buffett commenting on something he doesn't understand is unusual.  He usually keeps his mouth shut regarding technology investments.  He cares about 1 thing, making himself money.  Him commenting on Bitcoin means that he believes it has the potential to effect his ability to draw in new investment and it probably scares the shit out of him.  Enough for him to step outside his box and make a comment.


EDIT: Buffett actually holds a huge position with Wells Fargo, who is one of the banks trying to get ahead of the Bitcoin movement.  Unusual for him to make this statement while a company that he owns billions of dollars worth of shares is pro-BTC.  It is contradictory to the point where it screams manipulation.

http://www.finextra.com/news/fullstory.aspx?NewsItemID=25652


EDIT 2: Buffett actually just boosted his ownership in Wells Fargo as well.  Seems to me that his words say avoid Bitcoin, while his money screams BUY ME SOME BITCOINS!

http://www.bizjournals.com/charlotte/blog/morning-edition/2014/02/warren-buffett-boosts-stake-in-wells-fargo-again.html?page=all


FINAL EDIT: Buffett is famous for saying to be greedy when others are fearful.  His actions show that he is not only afraid of Bitcoin, but is buying on his fear.  I can't think of a more bullish sign.

Bitcoin must be such a small idea inside Wells Fargo I'm sure Buffet wouldn't know about it.  He has over 330 000 employees.  He lets his businesses get on with it.  You can't read anything into this about his opinions.  He has said before he doesn't invest in currencies (USD/EUR/etc) but in businesses (he understands).

Bitcoin is not a small idea inside Wells Fargo, believe me...  It's a big enough idea for them to call all the banks together to discuss...  Buffett also probably couldn't tell you anything about his employees outside his inner circle, but I'm betting he knows every little thing the companies he has BILLIONS invested in are doing.  You are right about him not investing in businesses he doesn't understand though, which is why he's increasing his Wells Fargo stake, which just happens to be the largest pro-Bitcoin bank.  If you think Warren Buffett doesn't know what Wells Fargo is up to, I would suggest that you don't know what it takes to manage multi-billion dollar investment accounts.

[superresistant]

Warren Buffet: Bitcoin is a terrible investment

This guy has been right ALL THE TIME and is smarter than the piglets and peasants on this forum.
cosmofly

03/03/2014



 

[spin]

Bitcoin is not a small idea inside Wells Fargo, believe me...  It's a big enough idea for them to call all the banks together to discuss...  Buffett also probably couldn't tell you anything about his employees outside his inner circle, but I'm betting he knows every little thing the companies he has BILLIONS invested in are doing.  You are right about him not investing in businesses he doesn't understand though, which is why he's increasing his Wells Fargo stake, which just happens to be the largest pro-Bitcoin bank.  If you think Warren Buffett doesn't know what Wells Fargo is up to, I would suggest that you don't know what it takes to manage multi-billion dollar investment accounts.

Is this what you are referring to? http://www.reuters.com/article/2014/01/14/us-wellsfargo-bitcoin-idUSBREA0D1LL20140114
Or this: http://national.wellsfargobank.com/VirtualCurrency

So they had one meeting to discuss the money laundering rules etc. They also held a seminar (focussed on regulatory compliance, risk management, and policy frameworks).  I can't imagine he is in anyway involved.

[JimboToronto]

Warren Buffet: Bitcoin is Not a Currency

Not a currency? What is it then? A value(wealth)-transfer protocol?

Oh, wait...

[spin]

Hey I love bitcoin and have some bitcoin.  Do I think he is right about it.  I don't think so. 
But do I think Buffett is invested or will invest in a meaningful way.  Never. 

Actually all his investment advice talks about fundamentals and investing in businesses.  Just read his latest shareholders report today by chance.  

http://www.berkshirehathaway.com/2013ar/2013ar.pdf

Couple of quotes

Focus on the future productivity of the asset you are considering. If you don’t feel comfortable making a rough
estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every
investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.
Š If you instead focus on the prospective price change of a contemplated purchase, you are speculating.
There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I
am skeptical of those who claim sustained success at doing so. Half of all coin-flippers will win their first
toss; none of those winners has an expectation of profit if he continues to play the game. And the fact that
a given asset has appreciated in the recent past is never a reason to buy it.

Owners of stocks, however, too often let the capricious and often irrational behavior of their fellow owners
cause them to behave irrationally as well. Because there is so much chatter about markets, the economy, interest
rates, price behavior of stocks, etc., some investors believe it is important to listen to pundits – and, worse yet,
important to consider acting upon their comments.
Those people who can sit quietly for decades when they own a farm or apartment house too often become
frenetic when they are exposed to a stream of stock quotations and accompanying commentators delivering an
implied message of “Don’t just sit there, do something.” For these investors, liquidity is transformed from the
unqualified benefit it should be to a curse.
A “flash crash” or some other extreme market fluctuation can’t hurt an investor any more than an erratic
and mouthy neighbor can hurt my farm investment. Indeed, tumbling markets can be helpful to the true investor if
he has cash available when prices get far out of line with values. A climate of fear is your friend when investing; a
euphoric world is your enemy.
During the extraordinary financial panic that occurred late in 2008, I never gave a thought to selling my
farm or New York real estate, even though a severe recession was clearly brewing. And, if I had owned 100% of a
solid business with good long-term prospects, it would have been foolish for me to even consider dumping it. So
why would I have sold my stocks that were small participations in wonderful businesses? True, any one of them
might eventually disappoint, but as a group they were certain to do well. Could anyone really believe the earth was
going to swallow up the incredible productive assets and unlimited human ingenuity existing in America?

[genco]

But everyone will admit there are better cryptos, and btc Adoption is low...and banks can use some btc-like features in traditional banking and undercut btc's relative usefulness. Perhaps bit coins greatest value was introducing a disruptive technology and being a competitor, driving innovation in banking. And since Bitcoin can be used abusively even more than the traditional banking sector...maybe we can all say thank you to Bitcoin and know that it will die once the banking sector improves it's offered services.

[kkaspar]

Warren Buffet: Bitcoin is Not a Currency

Not a currency? What is it then? A value(wealth)-transfer protocol?

Oh, wait...

I think that Buffet thought that Bitcoin lacks the most important characteristics of an currency. It is ment to look like a currency, while it lacks the properties.

It's like with this:


You can say that it is a car, but still you are not speaking the whole truth when you say that it is a car.

[OgNasty]

Bitcoin is not a small idea inside Wells Fargo, believe me...  It's a big enough idea for them to call all the banks together to discuss...  Buffett also probably couldn't tell you anything about his employees outside his inner circle, but I'm betting he knows every little thing the companies he has BILLIONS invested in are doing.  You are right about him not investing in businesses he doesn't understand though, which is why he's increasing his Wells Fargo stake, which just happens to be the largest pro-Bitcoin bank.  If you think Warren Buffett doesn't know what Wells Fargo is up to, I would suggest that you don't know what it takes to manage multi-billion dollar investment accounts.

Is this what you are referring to? http://www.reuters.com/article/2014/01/14/us-wellsfargo-bitcoin-idUSBREA0D1LL20140114
Or this: http://national.wellsfargobank.com/VirtualCurrency

So they had one meeting to discuss the money laundering rules etc. They also held a seminar (focussed on regulatory compliance, risk management, and policy frameworks).  I can't imagine he is in anyway involved.

One meeting that was announced to the public.  

I'm not saying he's involved.  I'm saying he's aware and continues to shovel money at them.

[chesthing]

LOL, top holdings:

Amex
bank of NY
GE (has big financial arm)
Goldman Sachs
Mastercard
USB
Wells Fargo


And as far as I remember, he's never been that capable of evaluating tech -- he's thin and often late on tech... only getting in when the company is a force...

http://www.cnbc.com/id/22130601

This says it all, he's not in a position to be objective about crypto. I'd be more interested in Jimmy Buffet's opinion.

[knightcoin]

Warren Buffet declares Bitcoin as a BAD INVESTMENT ...

[Dr Bloggood]

Bitcoin is classic growth.

Buffet is classic value.

How many times has Buffet NOT invested and subsequently the price went up and he missed the boat? We don't know. Probably many times.

He did some crooked silver deal to help manipulators, I don't remember the details.

Cryptos will be here in 10 years, they are here to stay.

[S4VV4S]

Warren buffet declared bitcoin as useless and strongly believes bitcoin and Cryptos will die in 10 years. He also thinks bitcoin is a terrible investment.

This guy has been right ALL THE TIME and is smarter than the piglets and peasants on this forum

Also confirms my theory that bitcoin has run its course as an investment

Don't underestimate him, Big money will now stay away from bitcoin and I speculate that the price won't return 500% or more

http://www.coindesk.com/warren-buffet-bitcoin-currency/

Warren Buffet is probably the smartest investor that ever lived.
He knows very well how to go about things.
And he once said:
"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years."

That being said, have a look at this: https://bitcointalk.org/index.php?topic=498558.0

[rebel24]

Milton Friedman disagrees with Warren Buffett

http://www.youtube.com/watch?v=6MnQJFEVY7s

[byronbb]

He doesn't invest in technology. The guy is OLD and the last person in the world to talk down fiat considering his ridiculous mountain of paper.

[traderCJ]

Warren buffet declared bitcoin as useless and strongly believes bitcoin and Cryptos will die in 10 years. He also thinks bitcoin is a terrible investment.

And how the fuck is this "URGENT NEWS"? 

[kireinaha]

He doesn't invest in technology. The guy is OLD and the last person in the world to talk down fiat considering his ridiculous mountain of paper.

he's scared. he sees bitcoin, and in his heart of hearts he knows that the days of fiat currency is coming to an end, so he attacks bitcoin. i wouldn't be surprised if he calls an emergency meeting with his BFF Barrack Obama to spearhead some type of regulation to kill bitcoin. the bankers and old money are getting desperate.

[fortif78]

Someone should make a bet,

Who will last longer, Warren Buffet, or Bitcoin?