“If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything,” – Warren Buffett, 2018
From the young age in my teens that I understood what an ”investment” was, I looked up to people like Warren Buffett. His investment style, his charisma, and his wealth were all things that I aspired to work towards. As I got older, I began to realize how outdated his ideas were. Nonetheless, I still respected how he got to where he was.
In 2019, I must now say that I no longer follow Warren Buffett. Why, you may ask, would I not follow a man who has amassed a net worth of $90 billion? It is one word: Bitcoin.
In every generation, there is a defining moment that changes the lives of that population. In Warren Buffett’s time, it was the stock market. Then it was the internet. And now, it is Cryptocurrency.
Warren Buffett, as wise as he has been, has denounced Bitcoin tremendously – while Bitcoin had shot up from when he cursed it at $100 to nearly $10,000. Coincidence or not, Buffett’s company, Berkshire Hathaway is heavily invested in big banks – what blockchain technology originally came here to combat. Asking Buffett’s opinion on Bitcoin is asking your taxi driver whether or not you should take Uber. Technology has also evidentially been outside of his circle of comptence. So, of coure Buffett would not support Bitcoin. If he said he believed in it, his wealth would come tumbling down!
We are currently at the stage in blockchain technology that the internet was in 1994 and 1995 when the biggest news outlets could barely understand it but knew they had to cover it. Blockchain technology is changing worldwide problems and it is scaring big banks. Do not listen to these outdated individuals. There are millionaires and billionaires HOARDING Bitcoin and alt-coins because they know how revolutionary it will be.
These same big banks that were anti-Bitcoin are now setting up trading platforms for cryptocurrency. Billion-dollar companies are now accepting cryptocurrency as payment. We first bought and sold with gold, then coins, then paper fiat. We are now moving to a technological currency. There will only be the poor and the rich. No middle-ground. So choose your side wisely and educate yourself. Because the clock is ticking and there won’t be a way back.
So, sorry. I’m officially bearish on Buffett and bullish on Bitcoin.
Until next time,
Live Long and Prosperous.
J.M.
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