Buffett dont need to no anything about tech or blockchain to know with almost certainty that cryptocurrencies will come to a bad ending. for the simple fact they have gone up to fast. buffett is too old too wise and to clever to be dismissed as some old Dinosaur who dont get blockchain. you can talk about dotcom that he not understand that and missed out but look at the companies that survived probably only 2% and the ones that did survive im pretty sure still lost 90% of there value and took years to recover
RE: Why Warren Buffet Doesn't Understand Cryptocurrency
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Why Warren Buffet Doesn't Understand Cryptocurrency
Yes, there was a dotcom bubble, and now here we are typing messages to each other on the Internet. (Not only that, but on a distributed platform on the Internet!) The dotcom bubble marked the birth of a new technology, and there were a lot of companies that went bust in the frenzy. But those who survived and thrived continue to change the ways that we live today.
With Bitcoin and other distributed networks, we are witnessing the emergence of another technological leap forward. From what I have seen, Buffet and economists like Krugman fail to see it as a technology with potential, instead using the current paradigm to evaluate it as a static thing, assuming that the world will never change. They were wrong then, and they are wrong again now.
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Amazon's IPO initial public offering took place on May 1997 at a price of $18 per share, rising to more than $100 and subsequently dropping to less than $10 after the bubble burst. Your right blockchain is a technological leap forward and buffet is no tech expert hes never claimed to be but blockchain is not a magical source of wealth creation either And when hes says it will come to a bad ending he means people will lose a hell of a lot of money. That does not mean blockchain will fail it just means it has been misunderstood and abused by the market.
Anythink can be turned into a bubble when it is miss used Crypto does not escape this
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