Warren Buffett is at war with cryptocurrencies. The investor speaks of a speculative bubble and never tires of expressing his dislike - in his latest tirade he resorts to unusually drastic words.
Warren Buffett's aversion to cryptocurrencies is well known, but on the sidelines of the shareholder meeting of his investment firm Berkshire Hathaway, the 87-year-old investor legend indulged in unusually clear words. Bitcoin is probably "rat poison squared," Buffett told CNBC.
The stock market guru reiterated that he considers the Bitcoin hype a speculative bubble that must lead to a "bad end". Crypto currencies are "unproductive" assets that do not create value and attract "charlatans," according to Buffett. In the social media, the criticism caused a lot of excitement among Bitcoin supporters.Buffett repeated his controversial statements in another CNBC interview. The Bitcoin purchase follows the theory of the bigger fool - it's all about finding someone who pays even more. "People like to gamble."
Buffett: Stocks before government bonds
When it comes to long-term investments, Buffett would currently favor stocks. Although he has always considered the market to be significantly overvalued, he said, "but currently this is not the case". If he has to choose between investing in the benchmark S & P or ten- or thirty-year US government bonds, "I would not hesitate and access stocks," he said. Bonds will fall more in his view.However, Buffett had repeatedly advised against borrowing in the past: there was almost no time in US history for which the purchase of bonds could have been recommended - with the possible exception of war bonds.
And crypto will win in the end!
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