When Bitcoin went from being worthless to a "high" of more than 100 US dollars, Buffett said: Bitcoin is rat poison.
Later, the reporter asked him that Bitcoin has risen from more than 100 US dollars to more than 9,000 US dollars. What do you think of this?
Buffett replied: "Probably rat poison squared."
At the Berkshire Buffett shareholder meeting, the stock god once again expressed his unfavorable attitude towards Bitcoin: "The final result of cryptocurrencies will be very bad because they have not generated any value related to this asset." Cryptocurrency The value of an asset depends on more people entering the market, and then the holder sells it to the receiver at a higher price than the purchase price.
In an interview with Yahoo Finance, Buffett even pointed out that buying cryptocurrency is not investment but speculation.
"There's nothing wrong with that. If you want to take a gamble, someone will come tomorrow and be willing to pay more."
"That's gambling. It's not investing."
“We would never buy cryptocurrencies, even stuff I think I know a little bit about gives me enough trouble, why would I buy something I don’t understand?”
Buffett: Stay away from Bitcoin
Back in 2014, Buffett warned in an interview with CNBC: “Stay away from Bitcoin. It’s basically just a phantom, a way to move money.
This is a very efficient way to transfer funds, and you can do so completely anonymously. Checks are also a way to move funds. But are checks worth a lot of money simply for their ability to move money?
Can a money order be worth a lot of money? People can also transfer funds via money order. I want Bitcoin to be a better way to move money, but you can replicate that in a whole bunch of different ways.
The idea that Bitcoin has huge intrinsic value is a joke to me. "
Before Bitcoin came out, Buffett's attitude towards gold was never to invest. He believed that gold had two important flaws.
First of all, as a non-productive asset, gold has no "production capacity". This means that gold itself cannot change into more gold, nor can it change into any other value. Therefore, Buffett's usual investment method is to acquire oil fields, which can produce oil, acquire factories, which can manufacture products, and invest in stocks, which can generate dividends. "But if you buy an ounce of gold, hundreds of years later, it's still an ounce of gold."
He believes gold's second major flaw is its lack of practical uses. Although gold can be processed into jewelry and other industrial products, these are not enough to support widespread demand. And even for equally unproductive assets like copper and steel, as long as they have a wide range of uses, you can at least count on demand to drive up prices.
The reason why Buffett does not invest in Bitcoin today is probably similar to the reason why he does not invest in gold.
In his opinion
First of all: Bitcoin is a non-productive asset, not an asset that can generate value.
At the same time, Bitcoin has not yet supported widespread use and demand, so it is a "real bubble."
Now that the price of Bitcoin has reached 6-70,000 US dollars, do you think Buffett regrets saying these words? Welcome to discuss in the comment area.
$BTC #Megadrop #BinanceLaunchpool #ScamRiskWarning #bitcoinhalving #BullorBear

Bitcoin is making history and erasing everything that we thought we knew about its performance. For the very first time in its history, it made a new all-time high price before the BTC halving, by eclipsing $73k.
This has caused many in the market to begin wondering just how the price could go this cycle. All of a sudden, those “experts” declaring that this could finally be the super cycle that results in Bitcoin causing one of the largest transfers of wealth in recent memory doesn’t seem that crazy anymore.
Hopium, greed, and FOMO have rushed back into the market and everyone has become blind. Naturally, this is when were are ripe for a large price pullback and Bitcoin didn’t disappoint.
After soaring over $73k, Bitcoin would drop down to $60k before seeing a large bounce. Enough to cause many in the market to begin to have doubts about BTC’s performance, at least in the short term.
Bitcoin’s history doesn’t repeat, but it sure does seem to rhyme.
The longer that you are investing in this market, the more you will begin to understand how Bitcoin typically behaves. It often seems to have a life of its own. Bitcoin is a contrarian, that seems to thrive on behaving exactly the opposite of what everyone is expecting.
When everyone is declaring that Bitcoin is on the verge of going up to $100k, that is when we see a large 15% price drop. When everyone is declaring that the market is finished and it’s time to pack your things up and exit the market. That is when Bitcoin begins to go parabolic.

People first enter the Bitcoin market believing that they can outsmart the most volatile asset on Earth to make a fortune. However, veterans in this market find success when they finally understand that Bitcoin is a wild stallion that can’t be tamed or understood. The only thing that you can hope to do is to accumulate as much as you possibly can.
You have likely heard the price predictions that someday Bitcoin will reach a price of $1 million and that is only the beginning. The longer that Bitcoin survives the likelihood of this happening increases.
But for this to happen, there must be volatility. The price of Bitcoin will not go straight up to $1 million in just a few months with no pullbacks. It would be foolish to have that way of thinking.
There will be many ups and downs that will have you begin doubting your conviction in this market. After Bitcoin has reached a price of $1 million your friends will tell you how jealous they are of you, and how you found an easy way to become rich. In reality, staying in Bitcoin until the finish line will end up being one of the most mentally challenging things you will ever experience.
FUD will be thrown in every direction, and only the strongest will survive. During the last cycle, we dealt with the covid crash, Elon Musk and Tesla selling Bitcoin, China banning mining, the US government making crypto enemy #1, energy usage FUD, the FTX fraud and bankruptcies that nearly killed the industry, and the list goes on. Each of these times there were pundits who declared that the death blow had finally been dealt to Bitcoin. But they couldn’t have been more wrong.
During the good times and the bad, you must remain incredibly focused in this market to be successful. Don’t let little price drops scare you out of the market. There are life-changing gains to be made in this market, but you must survive it long enough to take advantage of it.
#BullorBear #BinanceLaunchpool #Nonfarm #Memecoins #BTCHalvingApril2024