Warren Buffett criticism: Warren Buffett, the legendary investor, has frequently been criticizing the cryptocurrency markets. The chairman of Berkshire Hathaway doesn’t have any enthusiasm in the emerging market. He believes cryptocurrencies are neither an asset nor a currency. And thus, he thinks it shares similarities more towards gambling and not investing.
The major reason for his rejection lies behind the concept of fair value. Stock market investors always prefer to gauge the fair value of the asset before placing any investment.
During the annual shareholder meeting of Berkshire Hathaway on Saturday, Buffett called Bitcoin (BTC)“rat poison squared.” The world’s third wealthiest investors also promised that he will never invest in the cryptocurrency market.
Bulls are Angry About Warren Buffett Criticism
Bulls are blaming Warren Buffett for the collapse in price and of hindering the bull-run that almost hit the $10K mark during the weekend. Bitcoin and other digital currencies were in the red on Monday, while the total cryptocurrency market capitalization crumpled from $465 billion to $435 billion.
Bulls consider Buffett’s cynicism is unfair. DeVere Group founder and CEO, Nigel Green said, “What I do find monumentally baffling is that two of the world’s most successful investor cannot see the intrinsic value of some form of cryptocurrency.”
Bulls also question Buffett that does he not notice numerous major tech companies, household names, established banking groups are investing in or planning to adopt cryptocurrencies?
They further say why Warren Buffett isn’t considering financial regulators and central banks are recognizing cryptocurrency market?
U.S., Japan, South Korea and several other countries have accepted cryptocurrencies, and they have also enforced trading guidelines for investors and crypto exchanges.
The NASDAQ CEO recently hinted to become a cryptocurrency exchange while Goldman Sachs has announced to form a cryptocurrency trading desk. Bulls are optimistic that cryptocurrency market will move steadily higher in the days to come albeit Warren Buffett denouncement.
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