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Warren Buffett on Cryptocurrency: Why he May be Wrong

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Warren Buffett on Cryptocurrencies

Not everyone is a cryptocurrency bull.

Warren Buffett and Charlie Munger still believe Bitcoin is a mirage and a “scum ball activity.”

Buffett once went on to say it’s “probably rat poison squared.”

Munger went on to say the thought of owning cryptocurrencies was just “dementia.”

But analysts just pass that off as a generational difference

According to Admir Tulic, founder at CaptainAltcoin, as noted by Medium, the opinions of billionaire Bitcoin naysayers Warren Buffett and Charlie Munger will be obsolete in 20 years as both will be “a pile of dust” and Bitcoin will endure.

Of course, the author could have been a bit more respectful with such a statement.

According to the research, the younger generation will control $7 trillion by 2020. And with the 2008 banking crisis still fresh in their minds, a distrust of banks will drive them to cryptocurrencies.

Other Reasons to be Bullish

Banks such as Goldman Sachs and Citigroup are working to offer cryptocurrency products.

The NASDAQ is about to hand institutional investors analytical tools for trading hundreds of crypto assets.  And the Intercontinental Exchange (ICE) intends to form a new platform, called Bakkt. Its intention is to create an “open and regulated, global ecosystem for digital assets.”

Allianz Chief Economic Advisor, Mohamed El-Erian is bullish on cryptocurrency, as well.

“Crypto isn’t dead, and, certainly, the underlying technology is not dead. We’re going to see more widespread adoption, by both the private and public sector, of the blockchain technology and related technologies,” he says, as quoted by Oracle Times.

Tim Draper is bullish, too.

He predicts the market cap of cryptocurrencies will increase 400 times over the next 15 years to $80 trillion.  “The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here,” he says.

 

 

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