The "rat poison" is worth more than Buffett's company

[pooya87]

In many ways Warren Buffett was right, bitcoin is a rat poison. The rats are those corrupt powers that had the centralized world by the balls all these years and have always been feeling threatened by anything decentralized that could take that power out of their hands and give it back to the individuals that deserve it.

We recently reached a new milestone that you may not be aware of, the total bitcoin market capitalization is now bigger than Buffett's Berkshire Hathaway.
Berkshire Hathaway stock has been getting pumped all year to finally reach the price of last year after pouring so much money in to it meanwhile bitcoin is 292% higher than its last year price.

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[Poker Player]

In this regard, just yesterday I heard Max Keiser say that the big (institutional) players who are betting on bitcoin, like Michael Saylor, are actually betting against the central banks in the same way that Soros bet against the pound in 1992.

The only way the rats would be able to defend themselves would be to raise interest rates, but that is not going to happen in the near future.

It's as if the rats were eating poison, but with a sweet taste, and they couldn't stop.

[Mpamaegbu]

Lol...Your caption is hilarious. I had a good laugh viewing it. Well, I knew for sure that the old man and the other Bitcoin haters would be in the news once Bitcoin began to rise again. And here it is! Who can take a gander as to what regrets these men would be having now, not having bought Bitcoin early this year when the price was almost at floor level. However, truth remains that people always fight whatever they think threatens their happiness, (in this case business) and this is what WB et al are doing. They forget that from time to time there's always a paradigm shift. Bitcoin (cryptocurrency) is the present day paradigm shift in matters of finance. It's either they embrace Bitcoin or get crushed under its weight. It's that simple a fact.

[davis196]

Yeah,I guess that we will continue with the "Bitcoin is bigger than 'insert random company name' stocks prices" type of forum posts. Which company will the the next one?Google,Amazon or Microsoft?
I couldn't care less about Buffet's opinions in regards to Bitcoin.He clearly said that he doesn't understand how Bitcoin works and he doesn't invest in businesses and financial assets,which ha can't understand.
"Rat poison" is actually a great thing,because it kills rats.Bitcoin is the rat poison,that will eventually kill the "fiat money rats".

[Walterhank]

Yeah, these centralized individuals are always against something that could set the population free from their shackles.

[Tytanowy Janusz]

We are part of new era. Bitcoin is now the biggest peyment service (bigger than visa, mastercard ... 2 times bigger than paypal - and we had a fomo after paypal announced bitcoin support ... paypal hodlers should fomo after listing bitcoin ... we are bigger), even Etherum is bigger than spotify, BMW, Mercedes.

[Lorence.xD]

Yeah,I guess that we will continue with the "Bitcoin is bigger than 'insert random company name' stocks prices" type of forum posts. Which company will the the next one?Google,Amazon or Microsoft?
I couldn't care less about Buffet's opinions in regards to Bitcoin.He clearly said that he doesn't understand how Bitcoin works and he doesn't invest in businesses and financial assets,which ha can't understand.
"Rat poison" is actually a great thing,because it kills rats.Bitcoin is the rat poison,that will eventually kill the "fiat money rats".

If that is the reason that he does not invest then I think that it is a reasonable thing to say, do not invest on what you don't know. He could learn about bitcoin though if that is the only reason. I think rats is not the appropriate word for capitalists, maybe pigs or leeches. If companies continues to invest in bitcoin then the day will come that bitcoin will be larger than any company, but I do not think that it will be that easy because there will be innovations that will revolutionize our current technology that might surpass bitcoin's worth.

[cryptomaniac_xxx]

We have to thank Warren Buffet for though, bitcoin can no longer be ignore by billionaires today, but I'm sure he is still in the denial as of 2020, he can't believed that the one that he called 'rat poison' is worth more than his company he built for many years, but bitcoin is just relatively new, just as young as 10 years old and yet the valuation is in billions and for sure going to hit trillions in years to come.

That's why investors just as Warren make a lot of mistakes in the past, and we could say that we couldn't trust his judgement, because obviously he is very wrong.

[lifeforcepools]

People make mistakes, but Buffett will never admit it.

[sunsilk]

I do hope that someday he would realize that he has to adopt the technology and it is an inevitable innovation for which his company might take the benefits and advantage of it once, he initiates to adopt it.

It's a good rebut from his own words with that particular portrayal which is the rat and which is the poison. And someday, the price of bitcoin will be at par or more than the price of his BH stock.

[avikz]

In many ways Warren Buffett was right, bitcoin is a rat poison. The rats are those corrupt powers that had the centralized world by the balls all these years and have always been feeling threatened by anything decentralized that could take that power out of their hands and give it back to the individuals that deserve it.

We recently reached a new milestone that you may not be aware of, the total bitcoin market capitalization is now bigger than Buffett's Berkshire Hathaway.
Berkshire Hathaway stock has been getting pumped all year to finally reach the price of last year after pouring so much money in to it meanwhile bitcoin is 292% higher than its last year price.

That's what we call "Sweet Revenge"! If Warren Buffet believed in bitcoin, he could have quadrupled his wealth by this time. But anyway, an 80+ years old man who has achieved so much in his life, can ignore few opportunities because he has nothing more to achieve! So in a way, he shouldn't regret his decision of not investing in bitcoin. But I am happy about the fact that he can see his own mistake of taking a stand against bitcoin. That's more important! In any way, number speaks the truth in business world and we all can see the numbers right now. So cheers and forgive the old man for his mischievous comments on bitcoin. 

[BlackHatCoiner]

Bitcoin, the "rat poison squared" as Buffet had told. Unfortunately, these guys have a great influence to their crowd. This is technological illiteration. The video of him telling it: https://youtu.be/mldCPQ4ypYM

Yeah,I guess that we will continue with the "Bitcoin is bigger than 'insert random company name' stocks prices" type of forum posts. Which company will the the next one?Google,Amazon or Microsoft?

I think the next one is Tencent Holdings which is worthing 500+ billion dollars at the moment. We will surely see bitcoin passing microsoft and apple in the future. (I bet between 2022-24)

[Lucius]

People make mistakes, but Buffett will never admit it.

Why would he even had to admit that he may have been wrong? He’s a rich old fart who can die at any moment given his age, and he doesn’t really care about Bitcoin now as much as he didn’t care in the past. His statements about Bitcoin are just the result of journalistic provocations that always try to use him for a new clickbait article - and one man's opinion is completely irrelevant no matter what his name is or how much money he has.

There are people who are even richer than Buffett, so no one asks what Bezos, Gates or Zuckerberg think about BTC - although no one should care what they think - everyone should turn on their brain and think with their head.

[DdmrDdmr]

I’ll add the link where the information can be seen: https://assetdash.com/, bitcoin currently holding the 10th position on the list by MarketCap, after escalating five positions just this month alone.

Recently Buffet declared that:

Cryptocurrencies basically have no value and they don’t produce anything.

Whatever …

[Broly46]

It’s amazing bitcoin recover from the heavy dump in just three years meanwhile internet stock take a lot longer, ether are doing insane too, it’s just launched in 2016, just four years it’s becoming a mega bluechip that can stand against most Silicon Valley, just FOUR years wow, I’m wondering erhereum is “rat poison” on steroids.

[DeathAngel]

It wouldn’t surprise me if he has a bunch of bitcoin. When he made that famous derogatory quote towards bitcoin he may have been DCA’ing in & wanted the price to dump so he could buy more cheaper. It’s only an idea but if somebody like him said pro bitcoin stuff the price could have flown up (back then).

Alternatively he just hates bitcoin because him & his banker buddies can’t control it.

Regardless he’s irrelevant either way.

[paxmao]

I’ll add the link where the information can be seen: https://assetdash.com/, bitcoin currently holding the 10th position on the list by MarketCap, after escalating five positions just this month alone.

Recently Buffet declared that:

Cryptocurrencies basically have no value and they don’t produce anything.

Whatever …

Warren buffet only invests in companies not commodities. e.g. he would say exactly the same about gold, silver, corn, orange concentrate, tin, potash or even Baltic sea index futures.

With this comments he means that cryptos are out of his investing universe because they do not have a balance, cash-flow, taxes, shares, etc... that his team can analyse. It does not mean that they are worthless.

Bitcoin is not generated by a company as he may understand the term, however there is a mining community, so arguably, WB could invest in a Bitcoin farm as he could potentially invest in a gold mining company as these are companies - not that any of this sound likely.

Regardless he’s irrelevant either way.

Believe me, WB is anything but irrelevant when it comes to big money.

Your comment is right in other matters, he personally could have Bitcoin, as he could have diamonds or gold or silver, but that would not be an "investment" from his point of view.

[BrewMaster]

With this comments he means that cryptos are out of his investing universe because they do not have a balance, cash-flow, taxes, shares, etc... that his team can analyse. It does not mean that they are worthless.

that quote has two parts, and what you are focusing on is the second part ("not producing anything") but the first part which you ignored is the stupidest statement that anybody can make.
bitcoin does have value since it is providing a utility and it doesn't have to produce anything to have that value. and when he says it has no value he is saying it is worthless.

[hatshepsut93]

In many ways Warren Buffett was right, bitcoin is a rat poison. The rats are those corrupt powers that had the centralized world by the balls all these years and have always been feeling threatened by anything decentralized that could take that power out of their hands and give it back to the individuals that deserve it.

And yet Bitcoin's current bullrun is driven by institutional investors who interact with centralized platforms and might not even do a single onchain transaction ever. Perhaps Bitcoin will just get integrated in the current centralized system and people will be sending each other Bitcoin via PayPal or use "Bitcoin debit cards".

In the early days Internet was decentralized, free and full of opportunities, now we have majority of the Internet users mostly just visiting the websites of giant companies. Bitcoin might be following the same road - you could do p2p transactions, use Lightning Network, be your own bank - but most people won't.

[pooya87]

It wouldn’t surprise me if he has a bunch of bitcoin. When he made that famous derogatory quote towards bitcoin he may have been DCA’ing in & wanted the price to dump so he could buy more cheaper. It’s only an idea but if somebody like him said pro bitcoin stuff the price could have flown up (back then).

Alternatively he just hates bitcoin because him & his banker buddies can’t control it.

These two points have always been my guess also and the first one would neither surprise me nor would it be the first case.

And yet Bitcoin's current bullrun is driven by institutional investors

I disagree. The bull run didn't started recently. It started 2 years ago when price started reversing from the bottom at $3122. The "institutional investor" thing as a hype is a very recent thing and most of those investment companies that we keep hearing about have been in bitcoin for at least 5 years. Their size is also not as big as the market, the rise happens because billions of dollars worth of bitcoin are being traded on the market every day not on centralized of the market third party IOU trust funds! Each time price goes up $100 it is because at least $100 million worth of bitcoin was bought on exchanges not on those platforms.