— Finance

Bitcoin’s in a slump — here’s why Warren Buffett has hated it all along

1 Mins read

The past month and a half have been bumpy for Bitcoin. After a bully first quarter of 2021 that led to an all-time peak of $63,000 per unit in mid-April, the world’s leading digital currency has since lost more than 40% of its value, settling at just over $35,000 on Friday, May 28.

Holdout investors who only a couple of months ago may have thought they’d missed an opportunity of a lifetime are now sighing with relief; meanwhile, those who bought in at the peak are trying not to think about their losses.

And what about Warren Buffett? What would the world’s most famous investor say to those who might be thinking of firing up their investment apps and buying Bitcoin at a bargain price? It’s “probably rat poison squared,” Buffett once said.

“I don’t welcome a currency that’s so useful to kidnappers and extortionists,” Munger said during the meeting’s much-watched Q&A session. “The whole damn development is disgusting and contrary to the interests of civilization.”

Not to be outdone, Buffett has made his share of significantly cutting remarks about Bitcoin and cryptocurrency over the years: “I don’t have any Bitcoin. I don’t own any cryptocurrency, I never will,” he told CNBC in 2020. Here are three reasons Buffett won’t go near it.

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About author
Tristan McCue is a 26-year-old junior programmer who enjoys reading, binge-watching boxed sets, and appearing in the background on TV. He is smart and friendly, but can also be very evil and a bit lazy.He is an Australian Christian. He has a post-graduate degree in computing.
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