💥💥💥 ‘Bitcoin Fixes This’: #Bitcoiners Take Aim at Berkshire Hathaway Amid Stock Glitch
Bitcoin enthusiasts had a laugh at Berkshire Hathaway CEO Warren Buffett on Monday after his company seemingly plummeted 99% in value.
At 9:49 am ET, Berkshire’s class A shares (BRK.A) nosedived from $621,000 to just $185, causing the New York Stock Exchange (NYSE) to temporarily halt trading. The dramatic drop was due to a technical glitch at the NYSE, affecting other major companies like the Bank of Montreal (BMO). The issue was resolved within a few hours, and BRK.A ended the day up 0.59%.
The massive red candle was ironic for Buffett, a Bitcoin critic who called crypto "rat poison squared" in 2018. Since then, BRK.A is up 114%, while Bitcoin has soared 600%. “Who’s the rat poison now, eh,” tweeted Blockstream CEO Adam Back.
Buffett’s late vice-chairman Charlie Munger was equally critical of crypto, calling Bitcoin a “stupid” and “evil” investment likely to “go to zero.”
“This is not a crypto rug pull; this is Berkshire Hathaway,” tweeted WallStreetBets. Many joked about Buffett’s temporary net worth wipeout and the brief investment opportunity. “Finally, I have a chance to acquire Warren Buffett,” quipped Tron founder Justin Sun.
“If you bought $500 of Berkshire Hathaway 10 minutes ago, it would now be worth over $2 million,” tweeted crypto meme account “greg” after the stock rebounded. “Let that sink in.”
Crypto exchange Kraken and whistleblower Edward Snowden highlighted that Bitcoin trading can’t be halted like BRK.A was. “Bitcoin fixes this,” Snowden tweeted.
While the Bitcoin network operates 24/7, centralized exchanges have frequently halted Bitcoin trading and withdrawals, sometimes indefinitely. Price glitches also occur, such as a BTC flash crash below $9,000 on #BitMEX two months ago.
Buffett didn’t address the sudden Berkshire crash, but meme accounts had a field day, putting words in his mouth reminiscent of previous crypto catastrophes.
Source - decrypt.co
