Crypto Prices Fall as Warren Buffett Says Bitcoin Is "Rat Poison"

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On the eve of the well-known investor, Warren Buffett called bitcoin "rat poison in the square".

But despite Buffett's indisputable proof of long-term share value, young investors are attracted to new ideas such as cryptocurrencies. In other words, oil has tangible benefits that can easily be demonstrated-you can power a city, run cars, and generate heat in the winter. Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful.

"If you look at Apple, I think it earns nearly twice as much as the second most-profitable company in the United States", Buffett told the cable network, calling it an "unbelievable company".

Charlie Munger, Berkshire's vice chairman, echoed those comments saying that trading in cryptocurrencies is "just dementia", likening it to somebody else "trading turds and you decide you can't be left out", CNN reports.

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"The asset itself is creating nothing", the Berkshire Hathaway chairman and CEO said on CNBC's "Squawk Box" from Omaha, following Berkshire's annual shareholder meeting.

Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency. He argued that cryptos are not good investments as they are not sustainable. People of Venezuela have turned to Bitcoin for stability. The 87-year-old billionaire and notorious investor has expressed doubts about the inherent value of Bitcoin since its launch. Buffett's Apple commitment over the past two years has surprised many, given his historical aversion to tech companies.

At the end of the first quarter of 2018, Berkshire owned $40.7 billion of Apple's shares - up from $28.2 billion at the end of 2017, The New York Times reported. He argued that he underestimated Amazon's ability to disrupt retail and cloud computing at such a rapid pace. "Would you do it. bitcoin is nearly as bad". Let us know in the comments section?

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