Bitcoin Criticism and Support

Bitcoin criticism and supportjpg

Last week brought some Bitcoin criticism and support stances from influential and well-known figures. Warren Buffett added his voice to the critics of Bitcoin.

One of the most influential investors of the planet, Warren Buffett has joined the list of celebrities who have recently competed with each other in criticizing cryptocurrencies. According to the 87-year-old billionaire, Bitcoin is a “real bubble”, reports Marketwatch.

Buffett statement of Bitcoin criticism

Buffett made this statement of Bitcoin criticism during a traditional meeting with students in Omaha, Nebraska. There he answered the questions of those present. In the course of the conversation, the Bitcoin topic also came up. And it seems, the impressive growth in the price and capitalization of the first cryptocurrency, apparently, is not that impressive. “People get excited from big price movements, and Wall Street accommodates,” — he said. Also, according to Buffett:

“You can’t value bitcoin because it’s not a value-producing asset.”

Buffet’s words of Bitcoin criticism came at the important period. After fluctuating around $4,300 at the beginning of October, the Bitcoin price surged to more than $6,100 less than a week ago.

He also added that it is impossible to predict how high the Bitcoin price could rise. According to him, “this is a kind of a bubble in its own way”. Not surprisingly, Warren Buffett was also skeptical about the so-called primary offers of coins (ICO). Buffett is not the only one who expressed Bitcoin criticism. Earlier this week, Saudi Prince Al-Waleed bin Talal said that he expects bitcoin to fail.

The support of Bitcoin

However, there are also those who stand in support of Bitcoin. Earlier, on Thursday, the American billionaire and investor Peter Thiel said that although he is skeptical about the attitude towards most cryptocurrencies, people are “underestimating” Bitcoin and it has “great potential left”. The PayPal founder and venture capitalist compared some of the Bitcoin’s features to gold:

“Bitcoin is mineable like gold, it’s hard to mine, it’s actually harder to mine than gold. And so in that sense, it’s more constrained”.

Let’s recall, the other day the co-founder of Apple Steve Wozniak said that for a number of characteristics Bitcoin is superior to gold and the dollar. The latter he compared with the “kind of phony”, which the authorities can print in any quantity to suit their political interests. On our blog, we already wrote that Wozniak showed interest in Bitcoin well before that time.

Also, former hedge fund manager Michael Novogratz said bitcoin would head to $10,000. Wozniak also showed interest in smart contract platforms like Ethereum. All-in-all, “There is a lot more to this cryptocurrency than just the Bitcoin,” he concluded.


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