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Buffett bashes bitcoin as thriving on mystique, favours stocks

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Buffett bashes bitcoin as thriving on mystique, favours stocks

Postby MrFredPFL » Mon May 07, 2018 12:00 pm

Story :

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as “rat poison squared,” thrive on the hope they’ll find other people who will pay more for it.

Likening bitcoin demand to the tulip bulb mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc (BRKa.N), said the mystique behind the cryptocurrency has caused its price to surge.

He said investors now are much better off owning U.S. stocks, whose prices are elevated but not in a “bubble,” and it would take a “nanosecond” for him to choose stocks over 10- or 30-year U.S. government bonds now yielding around 3 percent.

Charlie Munger, Buffett’s longtime business partner and a Berkshire vice chairman, is also no bitcoin fan, describing it as “worthless artificial gold.” He likened it to Oscar Wilde’s definition of fox hunting, calling it “the pursuit of the uneatable by the unspeakable.”

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