Bill Gates Feels Like Shorting Bitcoin If It Was Easy

Bill Gates Feels Like Shorting Bitcoin If It Was Easy

The Oracle of Omaha believes that Bitcoin is not a productive asset like the well-known assets like land or even corporate shares.

Berkshire's Vice Chairman Charlie Munger has referred to bitcoin as "total insanity" and has cautioned would-be investors to avoid it "like the plague". "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth". "People like to speculate, they like to gamble".

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.

While Buffett compared the surge in bitcoin's demand to the tulip bulb frenzy in 17th century Holland, Munger opted for an Oscar Wilde reference and called the commodity "the pursuit of the uneatable by the unspeakable". He also responded to a question from the audience about Bitcoin by saying that it and other cryptocurrencies "will come to bad endings".

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Bill Gates says he would short bitcoin (BTC-USD) if there was an easy way to do it. "It's kind of a pure "greater fool theory" type of investment", Gates commented. But now he doesn't have it, as he sold it back some years ago. At one time in October 2017, the billionaire said the Bitcoin had entered the bubble territory and that it was going to implode. Today, he said, the best companies in China are cheaper as investments than the best companies in the United States. It should be noted that Bill Gates has already changed his attitude to crypto-currencies several times. Matthew Frankel owns shares of Berkshire Hathaway (B shares) and has no position in any cryptocurrencies mentioned.

Bears believe Buffett's comments are worthy of consideration. In the investment world, shorting is when you bet against an asset and make money if its value falls.

One of the biggest names in the list of billionaire investors Warren Buffett is not particularly fond of bitcoin or the new digital era currency that took the world by storm past year.

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