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Billionaire Warren Buffett rejects Bitcoin again: "It's the rat's poison squared"

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Billionaire Warren Buffett, a notorious Bitcoin bear, once again castigated cryptocurrencies at the annual meeting of shareholders Berkshire Hathaway on May 5th.

Buffett reiterated his previous warning that "cryptocurrency will come to bad ends," the Wall Street Journal reported. "If you had bought gold at the time of Christ and you understand the compound rate, that's a few tenths of a percent."

Buffett has already stated that the purchase of ciphers is not a real investment, but is merely a speculative game, as CNN reported. He said that unlike real estate stocks or corporate shares, virtual currencies have no real value and only attract "quacks". "

"If you buy something like a bitcoin or cryptocurrency, you have nothing that has produced anything," said Buffett, 87. "You just hope the next one pays more."

Berkshire Boss: Bitcoin is a turtle

Buffett went a step further by calling bitcoin "poison rat squared," according to Becky Quick, a CNBC reporter, who tweeted live the annual meeting of Berkshire Hathaway's shareholders.

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Buffett's long-time lieutenant, billionaire Charlie Munger, has joined the smear of bitcoin, comparing market-based cryptocurrency to teas traded by people with dementia.

"I love cryptocurrency even less than Warren … for me, it's just dementia," said Munger, 94-year-old. And a bitcoin trading desk is "as if someone else was trading and you were left behind."

With his latest jabs, Buffett reiterated his past scathing demolitions of digital currencies. In January 2018, he declared that cryptography was going to "end badly," as reported by CCN.

"In terms of cryptocurrencies, in general, I can say with near certainty that they will come to a bad end," Buffett predicted. "If I could buy a five-year wager on each cryptocurrency, I'd be happy to do it, but I would never run out of a dime."

The younger billionaires are bullish on Bitcoin

While Warren Buffett and Charlie Munger remain skeptical, a younger generation of technology billionaires like Jack Dorsey, CEO of Twitter, Peter Thiel, co-founder of PayPal, and Tim Draper, venture capitalist, are confident that bitcoin is here to stay . and move all other currencies.

In fact, Draper is so confident in the future of crypto that he has set a target of $ 250,000 in bitcoin by 2022, as CCN has reported.

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Billionaires Jack Dorsey, Tim Draper and Peter Thiel are bitcoin bulls.

Draper, one of the first investors in Skype, Tesla and Hotmail, claims that bitcoin will be bigger than the three handsets because it is a bigger revolution than any other. Internet.

"It's bigger than the Internet," Draper said. "It's bigger than the Iron Age, the Renaissance.It's bigger than the industrial revolution.That affects the whole world and it's going to be affected in a faster way and more widespread than you would ever have imagined. "

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Featured image from Flickr / Fortune Conferences.

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