The billionaire investor Warren Buffett claimed that the currency market Bitcoin virtual is already in bubble territory. He also issued a critique of the proposals for applying a value to cryptocurrency.
Based on a MarketWatch report, Buffett presented his perspective on Bitcoin and the cryptocurrency market during an annual Q & A session in Omaha. , Nebraska at the beginning of October 2017. During his remarks, Buffett claimed that Bitcoin is a "real bubble."
"People are excited by the big price movements, and Wall Street fits in. Bitcoin because it's not a valuable producer asset."
Bitcoin's Performance on the Market
Bitcoin maintained its phenomenal performance after fluctuating at around $ 4,300 in early October. Bitcoin's price climbed to more than $ 6,100 on October 20th.
Meanwhile, Buffett's negative opinion on Bitcoin is not surprising because the well-known investor has already expressed such comments in the past. In 2014, the billionaire advised investors to move away from Bitcoin because cryptocurrency is "fundamentally a mirage."
Other Reviews of Bitcoin and the Cryptocurrency Market
Apart from Buffett, another virtual currency, market observers have also expressed their opinions on the latest developments in the market. In his commentary, Prince Al-Waleed bin Talal of Saudi Arabia claimed that he did not completely believe in Bitcoin and expected digital currency to fail
"That makes no sense.This is not under control, it's not under the supervision of a federally elected federation – the US Federal Reserve or US Another central bank – I do not believe at all at all. "
However, in his new blog post," Dean of Valuation "from New University York, Aswath Damodaran, claimed that Bitcoin is a real currency and not a fraud.