Warren Buffett and His Expansive Explanation against Bitcoin

[serjent05]

Maybe he just don't really know bitcoin and cryptos.

Or he had already known it but don't want to admit it .   Honestly the more people know about stuff the easier for them to attack it since they can make arguments about its possible weaknesses.  They can provide sound twisted reasoning on it and can choose words carefully so as not to expose them.

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[danadc]

This is not new by Buffet, in addition the comment of the $ 25 that he affirmed seems to me somewhat derogatory, although he is a person with great intelligence and high financial education, a very good investor by nature, we must Take into account that the years do not pass in vain. When a person reaches a certain level of age, he gives herself that he has a lot of wisdom and that the new is not reliable, for him the reliable is sure.

Trx's CEO in a moment spoke with him and gave him Trx <that for me it made no sense> at a meal he shared with him, he giving his point of view he will never accept that BTC like any cryptocurrency can have a promising future, For him the backed actions, the gold, and everything that meets the safe is what he believes, that he gets with BTC should not be a problem, I see it as advertising, even if it is bad, it is coming out of the mouth of He the word BTC, that is enough because he is already considering it, and I think that is gain.

In this life we must learn that not everyone can think of the same or analogous, we cannot control the language of others, while there are opinions with diversity is one of the freedoms we still have.

[yhiaali3]

It is good that he describes Bitcoin as having magic, indeed Bitcoin has magic so it enchanted people and attracted them to it, not black magic but the magic of the high features and characteristics of Bitcoin that make it superior to the dollar and any paper currency in the world, a pathetic bourgeois, who will never understand how Bitcoin works and how it holds that value and that magic!!! I expect if he lived in another country that accepts Bitcoin, he would have said something completely different!!!

[Bitstar_coin]

It is good that he describes Bitcoin as having magic, indeed Bitcoin has magic so it enchanted people and attracted them to it, not black magic but the magic of the high features and characteristics of Bitcoin that make it superior to the dollar and any paper currency in the world, a pathetic bourgeois, who will never understand how Bitcoin works and how it holds that value and that magic!!! I expect if he lived in another country that accepts Bitcoin, he would have said something completely different!!!

Unfortunately the magic in btc is not strong enough to capture Buffett's ancient thoughts and modify them into today's views to understand the core value of btc and it's superiority over his so ever cherished dollar. Even it latter make sense to him, I doubt people like Buffett will publicly want to admit their short comings, he would rather remain stubborn about it all.

[stompix]

So, at the risk of being triple-pitchforked, what is wrong with his statement?
Can you sell bitcoin at a higher value if there is nobody offering you more money than you paid for?

This applies to literally anything

Exactly, from real estate to shares to everything.
Nothing can gain value out of thin air, there is no 1.8 trillion sitting in cryptocurrencies or 3 trillion in Apple, every single bill for which coins or shares are bought it's not going to somebody safe it goes in the pocket of the one that sold!

Nobody likes this approach because it sounds too much like some scheme not be named but that's the reality for everything, even the 50k BMW you've just bought, it's not worth 50k by default, if nobody gives you more than 20k, that's the value, if nobody wants it the value is scrap metal.
If nobody wants your 10$ bill because it has spit on it it's not 10$ it's a dirty piece of paper.

I didn't say he's defending the dollar, but he's ignoring the fact that it has the same "problem". You can use dollars to buy other stuff, but you can do the same with Bitcoin. Just not everywhere yet. If that ever happens, I doubt Buffet will be there to see it (considering his age). So it really doesn't matter to him.

Every single thing out there has a problem, otherwise, we would be already living in utopia, Bitcoin fixes a lot of stuff but it's not a magical cure for everything else, while it will keep your wealth or income safe it won't do much about other stuff. As for Buffet, he has the right to his opinion, we have the right to our opinion on him, but sometimes I'm really smiling seeing a few users who claim he's an idiot who knows nothing about the economy because he doesn't understand crypto. Just like how every single WOT player would have known way better than Rommel how to fight at    
El Alamein 

[lixer]

It is good that he describes Bitcoin as having magic, indeed Bitcoin has magic so it enchanted people and attracted them to it, not black magic but the magic of the high features and characteristics of Bitcoin that make it superior to the dollar and any paper currency in the world, a pathetic bourgeois, who will never understand how Bitcoin works and how it holds that value and that magic!!! I expect if he lived in another country that accepts Bitcoin, he would have said something completely different!!!

Unfortunately the magic in btc is not strong enough to capture Buffett's ancient thoughts and modify them into today's views to understand the core value of btc and it's superiority over his so ever cherished dollar. Even it latter make sense to him, I doubt people like Buffett will publicly want to admit their short comings, he would rather remain stubborn about it all.

Bitcoin's magic is too strong because even top personalities like elon musk have been using btc and not only that but there are also big companies that invests in btc's up to this date. This guy warren is simply not into bitcoin but he prefers other types of investment that are more common to him. We we can't deny that because he is getting old already and usually older guys are not into technical stuffs.

@yhiaali3 if btc has a magic (the good use) then I think there's also black magic or its bad use cases. This is why many are against btc because they can see that btc can be use on wrong doings like money laundering, scams, hacks, and etc.

[tabas]

Maybe he just don't really know bitcoin and cryptos.

Or he had already known it but don't want to admit it .   Honestly the more people know about stuff the easier for them to attack it since they can make arguments about its possible weaknesses.  They can provide sound twisted reasoning on it and can choose words carefully so as not to expose them.

Right, he's a stock guy and that's going to be a big loss to him if he advises people to buy bitcoin.
That's why he should keep the people on the stock side so that the market cap would remain the same and he's going to take advantage of it since he's one of the whales there.
People like him are investors and it's highly unlikely that they don't know what are the major trends in investing.

[Oilacris]

Maybe he just don't really know bitcoin and cryptos.

Or he had already known it but don't want to admit it .   Honestly the more people know about stuff the easier for them to attack it since they can make arguments about its possible weaknesses.  They can provide sound twisted reasoning on it and can choose words carefully so as not to expose them.

Right, he's a stock guy and that's going to be a big loss to him if he advises people to buy bitcoin.
That's why he should keep the people on the stock side so that the market cap would remain the same and he's going to take advantage of it since he's one of the whales there.
People like him are investors and it's highly unlikely that they don't know what are the major trends in investing.

They are not all-knowing in terms of investment and trend but they do specialize when it comes to this which means that learning or making out adjustments wont really  be that hard for them compared into those people who doesnt have knowledge or idea about investing.Therefore, we cant really say that they dont know on what they are dealing off.Speaking with stocks investment then its expected
for these big fellas to be those institutional investors which involved on typical or regular investment that we do have in the past.

[TravelMug]

Maybe he just don't really know bitcoin and cryptos.

Or he had already known it but don't want to admit it .   Honestly the more people know about stuff the easier for them to attack it since they can make arguments about its possible weaknesses.  They can provide sound twisted reasoning on it and can choose words carefully so as not to expose them.

I doubt that he doesn't know about bitcoin by now, because he keeps talking about it and has been talking time to speak about it.

It's just the question of ignorance on his part, but who can't blame him. He is an old and traditional part and for me he doesn't want to accept chances because he is afraid of it. He has so many excuses against bitcoin that if you look it, doesn't make sense and he was proven wrong many times already, not just with crypto, but will some of his investments in the past. So we should taking everything with a grain a salt although he has made money through investment, his words are not perfect.

[Wawa2013]

Maybe he just don't really know bitcoin and cryptos.

Or he had already known it but don't want to admit it .   Honestly the more people know about stuff the easier for them to attack it since they can make arguments about its possible weaknesses.  They can provide sound twisted reasoning on it and can choose words carefully so as not to expose them.

I doubt that he doesn't know about bitcoin by now, because he keeps talking about it and has been talking time to speak about it.

It's just the question of ignorance on his part, but who can't blame him. He is an old and traditional part and for me he doesn't want to accept chances because he is afraid of it. He has so many excuses against bitcoin that if you look it, doesn't make sense and he was proven wrong many times already, not just with crypto, but will some of his investments in the past. So we should taking everything with a grain a salt although he has made money through investment, his words are not perfect.

With a background as an educated person and a graduate of Columbia University, with a Master of Science degree in economics. I doubt people
like that don't understand Bitcoin, this is just a matter of the ego of Warren Buffett who does not want to accept the fact that Bitcoin is a good asset
for investment. It's true that we all shouldn't blame Warren Buffett if until now he hated Bitcoin, because there is no compulsion to like Bitcoin.

Everyone has their own opinion and decision, so Warren Buffett's decision is his right, we can't force Warren Buffett to support Bitcoin. Because
Bitcoin doesn't need Warren Buffett's backing to thrive and be accepted by many people, even now one by one it is starting to prove that what
Warren Buffett said about Bitcoin is not all true. Even though Warren Buffett is successful and rich, that doesn't mean everything he says is true,
because nobody is perfect, everyone makes mistakes. Most importantly, we as human beings must respect each other's opinions and decisions.

[adaseb]

I’ve been following his negative speech towards Bitcoin for years. And I don’t know why people expect him to one day wake up and say he loves Bitcoin, it won’t happen.

He has a very strict investment protocol and Bitcoin is just too advanced for him. Same with airlines. He doesn’t like to invest in airlines and last time he did he ended up losing some money by selling too early.

With Bitcoin it’s no different. He is just too old to understand how it works.

[Darker45]

I think it is better we leave Warren alone. Let the old man be. Bitcoin is simply not his cup of tea. He is an old dog who is not bent on learning new tricks anymore. He has his standards which have been proven effective and sufficient. He has made a vast amount of wealth in his lifetime. Despite this, he is probably living a simple yet fun life. He has accomplished what others could only dream of.

I guess the only reason why Warren has to respond against Bitcoin over and over again are those selfish people who are still persistently bugging Warren to put some of his wealth into Bitcoin. And that's apparently for the sake of moving Bitcoin's price up. Why can't they stay still and trust Bitcoin's features?

[tabas]

Right, he's a stock guy and that's going to be a big loss to him if he advises people to buy bitcoin.
That's why he should keep the people on the stock side so that the market cap would remain the same and he's going to take advantage of it since he's one of the whales there.
People like him are investors and it's highly unlikely that they don't know what are the major trends in investing.

They are not all-knowing in terms of investment and trend but they do specialize when it comes to this which means that learning or making out adjustments wont really  be that hard for them compared into those people who doesnt have knowledge or idea about investing.Therefore, we cant really say that they dont know on what they are dealing off.Speaking with stocks investment then its expected
for these big fellas to be those institutional investors which involved on typical or regular investment that we do have in the past.

He's an investor and he's open to anything where him and his company can invest. Surely, there are people that have explained to him what bitcoin is and get to understand what it is.
But, I'm coming to that point that even if there's someone who's good in explaining to him what bitcoin is, he's having hard time to understand it because it's totally different from the usual investments and stocks that he's in.

[The Sceptical Chymist]

People like Warren Buffett are very far from understanding the technical bitcoin possibilities (I am 99.9% sure that he doesn't understand how BTC works.) and the economic potential of BTC due to their age, way of thinking and old habits.

I think you're selling W.B. short there, because he's not only a legendary investor, he's an incredibly smart man as well.  He probably understands more about bitcoin than you think--and while he might not understand all of the technicalities, he really doesn't have to in order to form an opinion of it.

And yes, he's of another age but I'd suggest we not bash the man for not liking bitcoin.  To each his own, I say, and Buffett's track record speaks for itself (unlike most crypto investors about which we know very little in terms of their investing success).

I guess the only reason why Warren has to respond against Bitcoin over and over again are those selfish people who are still persistently bugging Warren to put some of his wealth into Bitcoin. And that's apparently for the sake of moving Bitcoin's price up. Why can't they stay still and trust Bitcoin's features?

Hear, hear (and to the other part of your post I snipped out).  Buffett has already made his opinion of bitcoin known, so I'm not sure either why people keep nagging him about it.  He's a guy who invests in businesses first and foremost, not currencies.  I wouldn't dismiss his view of crypto, but if I held it as gospel truth I wouldn't be on this forum--nor would any of the rest of us either.

[Oluwa-btc]

Sorry too say but he's a recalcitrant billionaire who have refused too keep up with the current trend.
( Is it that he doesn't invest in currencies like gold and silver)
He needs too be schooled that Bitcoin ain't no commodity, I know he hasn't gotten to understand that Bitcoin is a store bank as you watch em gain value. I don't even think it's a good one for him, watching your Bitcoin moving from 18,000 to 2000k isn't an easy thing for someone at he's age, as it might cause harm to he's breathing system (health) high level of endurance and tolerance needed to watch all go that! He's got he's funds and mouth what he says substracts nothing from Bitcoin, know what I mean ? Lol