Today, the legendary investor Warren Buffett has said that bitcoin is probably “rat poison squared”, on the annual Berkshire Hathaway Inc earning shareholders call, where he also made some important announcements about his company investments and what they plan to continue being relevant in the market. This was reported by CNBC’s anchor, Becky Quick, in a tweet.
Shareholders were happy nonetheless because the conglomerate announced operational gains of more than 5 billion dollars. He also announced that he invested heavily in Apple, buying more than 75 million stock. This declaration also made a great impact in the Apple stock price, that rose to near $ 190, with a rise of more than $20.
Warren has always been highly critic of cryptocurrencies since their creation. Last week, in an interview with Yahoo Finances, he stated that buying bitcoin was more a gamble than an investment. But this time, it was not only him that treated bitcoin in a negative way. His longtime friend and vice chairman, Charlie Munger, also referred to cryptocurrency trading as “dementia”.
The recent declarations generated all kinds of declarations in the Twittersphere. Ones declaring that he was heavily invested on bitcoin and he wanted to buy low because of the possible influence of his declaration on bitcoin’s price, and others saying that he lacked insight and knowledge about the subject to properly assess the bitcoin actual state.
This shareholders call has served as a catalyst for Warren to also discuss some of its successes and failures. He said that he made a mistake by not investing in Google and Amazon when the time was right, and admitted that his lack of insight on certain business might have influenced his decision. Maybe later we will see him also say the same thing with cryptocurrencies, now that bitcoin price is testing $10k levels again since December’s long bull run.