Warren Buffett hates Bitcoin. Should we listen to him? // cryptocurrency cryptocurrencies bubble

Warren Buffett hates Bitcoin Should we listen to him? // cryptocurrency cryptocurrencies bubble cnbc investment david moadel welcome to looking at the markets with David Modell Warren Buffett hates Bitcoin he hates it and it's tough for me because I like Warren Buffett and I also like Bitcoin and I feel like I'm being forced to choose a side here well let's take a look first of all let's look at Warren Buffett and the things that he said Buffett bitcoin is more gamble than investment hmm all right well let's look at some Warren Buffett quotes and you can decide for yourself in terms of crypto currencies generally I can say almost with certainty that they will come to a bad ending hmm well only time will tell whether he's right on that or not the ending I suppose if Bitcoin went to zero that would be an ending but you know I haven't seen that happen so far yes Bitcoin has gone down in price from when it hit the all-time high at nearly $20,000 per Bitcoin but it's not the ending though it's not at zero not even close so only time will tell whether he's right on that one we don't own any we're not short any will never have a position in them well that's kind of interesting I mean if Warren Buffett really thought that Bitcoin would come to a bad ending why not short it what wouldn't you get rich I mean he's already rich but wouldn't you make money shorting Bitcoin if you really thought it was going to come to a bad ending sounds to me like he's just staying out of it which he has a right to do you aren't investing when you buy cryptocurrency you're speculating well that's his opinion I believe it's possible to take a reasonable position size in Bitcoin or other crypto currencies and hold on to them for the long term I believe that's investing if he wants to call it speculating hey that's his opinion he's entitled to it I get into enough trouble with the things I know something about why in the world should I take a long or short position in something I don't know about Warren Buffett is admitting right there with that quote that he doesn't understand Bitcoin he doesn't understand crypto currencies so does that mean that nobody should invest in Bitcoin or crypto currencies you see just because Warren Buffett doesn't understand crypto currencies doesn't mean for example that Charlie Lee the founder of litecoin doesn't understand crypto currencies okay that doesn't mean that you are I listening to this watching this right now doesn't mean that we don't understand crypto currencies okay Warren Buffett is speaking for himself that doesn't mean that he speaks for everybody and so if you believe in Bitcoin and if you understand it or other crypto currencies if you believe in it you understand it you've researched it thoroughly then you're in a better position to invest in it than warren buffett because he just admitted he doesn't understand it in 2014 on CNBC Warren Buffett called Bitcoin a mirage it was trading at around $600 at that time even after the recent price pull back Bitcoin is worth a lot more than $600 so Warren Buffett has been wrong so far now he could be right in the end I suppose if someday Bitcoin went to zero then he could say I told you so but so far it's worth a lot more than $600 when he made that statement there about Bitcoin being a mirage so so far the people who bought in a Bitcoin back then in 2014 they're doing pretty well you see I understand that bitcoin is not like let's say coca-cola Warren Buffett likes to invest in coca-cola because he understands it it's been around for a long time and he understands the product you can go to a store and you can buy a coca-cola product that's easy to understand it's easy to to rasp blockchain technology that's not something Warren Buffett grew up with and it seems to me that he doesn't fully understand it well that doesn't mean that everybody else doesn't believe it and doesn't understand it blockchain technology is already changing lives it's changing the world I believe it will continue to do so and so Warren Buffett I still like you I still respect you and I still am going to follow many of your principles of investing but when it comes to Bitcoin and other cryptocurrencies I believe in the technology behind it I believe it does have a product that is worth investing in and so mr

Buffett I have to disagree with you on this one all right you're entitled to have your own opinion and I'm glad to hear your opinions so if you like this video please give it a thumbs up on YouTube and feel free to leave a comment whether you agree disagree whatever it is you can leave a comment and if you haven't subscribed to my channel already please do so and hit that Bell on YouTube so you can receive the latest updates on my financial educational videos and if you'd like to contact me whether you want help putting together a trading plan or investing plan or you have questions about cryptocurrencies or stocks options whatever it is you can email me anytime at David Modell at gmailcom thanks a lot I appreciate it and I'll talk to you again soon baby Mises I got my food IFE

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