Sunday, December 8, 2019

Warren Buffet: “Buying Cryptocurrencies Is Gambling”

BTCNN
BTCNN
BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

Some great minds of the financial business are not yet sold on cryptocurrencies as an investment option. Warren Buffett is in that group of people. The legendary investor, known as the Oracle of Ohama was interviewed by Yahoo Finances and expressed his opinions about bitcoin and all cryptocurrencies there.

Warren prefers to invest in businesses that provide real value as investments: real estate or consolidated enterprises. he let that clear in the middle of the interview when he stated that:

“IF YOU BUY SOMETHING LIKE A FARM, AN APARTMENT HOUSE, OR AN INTEREST IN A BUSINESS… YOU CAN DO THAT ON A PRIVATE BASIS… AND IT’S A PERFECTLY SATISFACTORY INVESTMENT. YOU LOOK AT THE INVESTMENT ITSELF TO DELIVER THE RETURN TO YOU”

But when he referred to bitcoin or any other cryptocurrency available out there, he made perfectly clear that it does not constitute any kind of investing, because its value depends only on the capacity of trading it, speculating on the future prices. He affirmed that with normal investing instruments, even if you ban trading of them, you can still enjoy their intrinsic value, but if you ban cryptocurrency trading, you cannot do anything with them.

He also compared cryptocurrencies with gambling, stating that:

“HERE’S NOTHING WRONG WITH IT. IF YOU WANNA GAMBLE SOMEBODY ELSE WILL COME ALONG AND PAY MORE MONEY TOMORROW, THAT’S ONE KIND OF GAME. THAT IS NOT INVESTING.”

Warren is one of the most important investors of the 21 century. His wealth is calculated at more than $80.600 million dollars today. But he is also 87 years old and at the end of a fulfilling life. Maybe cryptocurrencies are a little out of order for a man that made his whole fortune by doing businesses with tangible assets. Still, they are valid opinions from a man that made a ton of money just with his investing skills.

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