Cryptos Land: Bitcoin a Bubble, Warren Buffet

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Friday, 27 October 2017

Bitcoin a Bubble, Warren Buffet

Billionaire has successfully join the public Bitcoin shaming club by siding with many others who said that Bitcoin is in a bubble territory. Buffet was asked about Bitcoin during a question-and-answer session held in Omaha earlier this month.

"People get excited from big price movements, and Wall Street accommodates," said Buffet in the session. He also  described bitcoin as a "real bubble," and also criticized the idea of applying a value to bitcoin. He believed that Bitcoin has no real value and is not a value producing asset.

It is to note that Buffet comments came when Bitcoin price is amassing at its all time high. Bitcoin is currently traded at $5800 around several exchanges. It is not a surprise to see Buffet harsh stance on Bitcoin and cryptocurrency because in 2014 he told the investors to avoid investing in Bitcoins.

The comments came from Buffet as Saudi prince Al-Waleed bin Talal said that Bitcoin is going to be big fail and also ageed to JPMorgan CEO Jamie Dimon's assessment regarding cryptocurrency that it is a "fraud."
warren bufet bitcoin is bubble

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