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Billionaire Investor Warren Buffett Says Leading Cryptocurrency Bitcoin in 'Bubble' Territor

• Cointelegraph

Based on a report by MarketWatch, Buffett presented his views on Bitcoin and the cryptocurrency market during an annual question-and-answer session in Omaha, Nebraska in early October 2017. During his remarks, Buffett claimed that Bitcoin is a "real bubble."

"People get excited from big price movements, and Wall Street accommodates. You can't value Bitcoin because it's not a value-producing asset."

Performance of Bitcoin in the market

Bitcoin sustained its phenomenal performance after fluctuating at about $4,300 in early October. Bitcoin price has jumped to over $6,100 on Oct. 20.

Meanwhile, the negative view of Buffett on Bitcoin is not surprising as the well-known investor has already expressed such comments in the past. In 2014, the billionaire advised that investors should keep away from Bitcoin because the cryptocurrency is "basically a mirage."

Other opinions on Bitcoin and the cryptocurrency market

Aside from Buffett, other virtual currency market observers have also issued their opinions on the latest developments in the market. In his comment, Prince Al-Waleed bin Talal of Saudi Arabia has claimed that he does not believe in Bitcoin completely and expects the digital currency to fail.

1 Comments in Response to

Comment by Ed Price
Entered on:

Note that the Warren Buffet idea is based totally on which will crash first - fiat currencies or Bitcoin. Bitcoin and worldwide fiat bubbles are bubble opposites. When one crashes, the other is strengthened. The real question about Bitcoin is its temporary, tiny bubbles. The question about fiats is the various different bubbles. Bitcoin will always come back from a bubble. Why? Because the fiat bubbles are many, and crash at various times. The real question about fiats is, when the fiat bubbles start crashing BIG TIME, will they bring the whole fiat system down at once? Or will fiat decay slowly as its bubbles burst. A fast crash in fiat might destroy everything, including Bitcoin.

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