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Buffett bashes Bitcoin as nonproductive, thriving on mystique

reuters.com

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Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#21

Post by coliveira »

sincerely wrote: post #13
Talyen42 wrote: post #6

He's thinking of it in investing terms, underlying asset value, cash flows, etc. Because the media asks him "Should we buy bitcoin?" every damn day of the year. I'd be more interested to hear what he thinks makes for a good currency, inflation vs. deflation, freedom of transfer, protection against forfeiture, etc. Does he also think that the US Dollar is rat poison because it's not a productive asset? He holds like $…

>cash is dead lol

This guy must be living in a bubble to think that cash is dead...

Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#22

Post by Cyph0n »

tptacek wrote: post #14
triviatise wrote: post #9

He has always said he doesnt understand technology and has resisted investing in it. While the value is fluctuating heavily due to speculation, over time it will stabilize. Bitcoin will resist inflation and is somewhat out of control of governments or any central authority. People in countries where the govt has screwed up the currency can use it to get money out of the country or as a stable store even if dollars or…

He's the third-largest shareholder of Apple behind Vanguard and Blackrock.

And he regrets not investing in Amazon back in the 90s. I believe that he only recently started to invest in tech.

Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#23

Post by whack »

> Buffett said investors would instead be much better off investing in U.S. stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds... He said he would much rather have Berkshire’s pile of cash and equivalents be $30 billion, rather than the $108.6 billion it was at the end of March, but good deals have not emerged.

$100B is a colossal amount of money to have sitting around in the form of cash equivalents. I wonder why he hasn't just put it into the S&P 500, given that he belives the stock market is currently a good investment. Given the index's liquidity, I would think he'll still be able to sell it off quickly, if he needs the cash for an acquisition.

Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#24

Post by EpicEng »

triviatise wrote: post #9

He has always said he doesnt understand technology and has resisted investing in it. While the value is fluctuating heavily due to speculation, over time it will stabilize. Bitcoin will resist inflation and is somewhat out of control of governments or any central authority. People in countries where the govt has screwed up the currency can use it to get money out of the country or as a stable store even if dollars or…

>Stability of value: its value should not fluctuate.

Big problem for crypto. It's a spec market currently and shows no signs of settling down. Add that to the fact that transactions are a nightmare and... I just don't see this happening any time remotely soon. Also, if you think the powers that be are going to allow their currencies to be supplanted... well, they won't.

Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#26

Post by [deleted] »

whack wrote: post #23

> Buffett said investors would instead be much better off investing in U.S. stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds... He said he would much rather have Berkshire’s pile of cash and equivalents be $30 billion, rather than the $108.6 billion it was at the end of March, but good deals have not emerged. $100B is a colossal amount of money to have sitting around in…

[deleted]

Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#28

Post by zingmars »

Talyen42 wrote: post #6

He's thinking of it in investing terms, underlying asset value, cash flows, etc. Because the media asks him "Should we buy bitcoin?" every damn day of the year. I'd be more interested to hear what he thinks makes for a good currency, inflation vs. deflation, freedom of transfer, protection against forfeiture, etc. Does he also think that the US Dollar is rat poison because it's not a productive asset? He holds like $…

> and now cash is dead

Maybe it is in your little corner of the first world, but this certainly isn't true for most of the world. Plenty of people are still using cash and it isn't going away anytime soon.

Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#29

Post by sizzzzlerz »

Buffet's investing strategy is, and has always been, look for the intrinsic value in a company, buy them, and then hold on forever. As part of that intrinsic value is the management teams that are running the companies. A strong team is as valuable as any other asset. When Buffet does buy a company, he'll generally leave management in place and not interfere in the day to day running of the company. Bitcoin has no management and it has no intrinsic value. It's worth is whatever somebody is willing to pay for it. That is 180 degrees out of phase with the Buffet strategy.

Re: Buffett bashes Bitcoin as nonproductive, thriving on mystique

#30

Post by eastWestMath »

triviatise wrote: post #9

He has always said he doesnt understand technology and has resisted investing in it. While the value is fluctuating heavily due to speculation, over time it will stabilize. Bitcoin will resist inflation and is somewhat out of control of governments or any central authority. People in countries where the govt has screwed up the currency can use it to get money out of the country or as a stable store even if dollars or…

But the value of bitcoin could very easily stabilize at 0 if it falls out of vogue...
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