Buffett on Bitcoin: “Stay Away”

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Buffett on Bitcoin: “Stay Away”
Buffett on Bitcoin: “Stay Away”

What could Warren Buffett, one of the richest men in the world, have against bitcoin?  Did it hurt him in some way?  Did it embarrass him or humiliate him at a conference?

It would appear that the billionaire entrepreneur has a bit of a grudge against the digital currency.  The “Oracle of Omaha” gave the warning to investors in 2015 that they should avoid bitcoin when they can

Buffett explains:

“Stay away from it.  It’s a mirage, basically… It’s a method of transmitting money.  It’s a very effective way of transmitting money, and you can do it anonymously and all that.  A check is a way of transmitting money, too.  Are checks worth a whole lot of money just because they can transmit money?  Are money orders?  You can transmit by money orders.  People do it.  I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways, and it will be.  The idea that it has some huge intrinsic value is just a joke in my view.”

Strong words from a strong man, but some feel that the business mogul possesses little to no bitcoin knowledge, particularly if he is comparing the currency to a check.

What do you all think of Buffett’s words?  Harsh and uninspired, or do you feel he has a point in some way?  Post your comments below and tell us what you think.