As Bill Gates and Warren Buffett trash it, bitcoin teases $10000

Billionaire investor Warren Buffett says no to Bitcoin. Here's why

He also responded to a question from the audience about Bitcoin by saying that it and other cryptocurrencies "will come to bad endings".

Gates, the co-founder of Microsoft, said blockchain technology is "a good thing", providing a secure way to record transactions but said investing in cryptocurrencies is "a insane, speculative thing".

Bill Gates' opinion closely resembles that of his colleagues on the company's board, Warren Buffet and Charles Munger.

"I would short if there was an easy way to do it", Gates said Monday in an interview on CNBC.

In his joint interview with legendary investor and CEO of Berkshire Hathaway Warren Buffett and the company's vice chairman Charlie Munger for CNBC, he expressed his view on the nature of Bitcoin and its future. But he overlooks the fact that most of the drugs for the longest times have been moved using fiat currencies. In other words, stocks can generate profits from their business, farms produce crops, etc. Bitcoin (BTC-USD) and other cryptocurrencies, for that matter, are therefore only valuable because of investor interest.

"It's buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else, will grow".

However, I'd be inclined to say that the comments of Buffett, Munger, and Gates could be weighing on the cryptocurrency markets on Monday.

He said investors now are much better off owning US 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 USA government bonds now yielding around 3 percent.

Bitcoin was trading at $9,431.6 by 11:25PM ET (03:25GMT) on the Bitfinex exchange, down 1.2% over the previous 24 hours. "I just know it will happen". Traders aren't giving any importance to the concept of fair value when it comes to investing in digital currencies. If this description is accurate, then bitcoin is a bubble.

He called the cryptocurrency the most insane and speculative tool in the world and a demonstration of the theory of a fool in its pure form.

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