Bill Gates Bets Against Bitcoin, Warren Buffett And His Partner Say It’s ‘Rat Poison’ And ‘Turds’
This weekend, Elon Musk said he was “super super serious” about starting his own candy company and/or cryptocurrency. Musk also got into a squabble with Warren Buffett over candy and moats. Warren Buffett and Bill Gates gave their very honest opinions about Bitcoin and they weren’t exactly shining endorsements of the cryptocurrency.
The influential billionaires appeared on CNBC on Monday along with Charlie Munger, Buffett’s longtime business partner at Berkshire Hathaway. The trio were asked their opinions about cryptocurrencies. Buffett called Bitcoin “rat poison squared” and said it isn’t an asset because it does not create anything.
Bill Gates echoed the same feelings towards Bitcoin as Warren. “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. [Bitcoin and cryptocurrencies] are kind of a pure ‘greater fool type of investment,” the Microsoft co-founder and philanthropist added. Gates said that Bitcoin is “one of the crazier, speculative things” he’s seen, and that he would “short it if there was an easy way to do it.” Gates admitted he was given Bitcoin many years ago as a birthday gift, but quickly sold it.