Warren Buffet Does Not Like Bitcoin And Other Cryptocurrencies Value Soaring

Warren Buffet doesn't like crypto money (Yahoo Finance)

JAKARTA - Crypto money has successfully rocked the world's financial system. The Fed and IMF officials have negative comments about this digital money. Responding to this digital money phenomenon, a number of countries in the world are actually adopting cryptocurrency by making their own digital money.

On the other hand, crypto money is also accepted by various classes of society. Will cryptocurrency revolutionize the financial system or vice versa?

Berkshire Hathaway boss Warren Buffet has publicly expressed his dislike for cryptocurrency. He has commented repeatedly that investing in Bitcoin is a bad form of investing.

At the annual event that took place in 2018, Buffet made fun of cryptocurrency by comparing it to a rat poison box. He also commented that Bitcoin could do nothing.

"When you buy non-productive assets, all you rely on is people who pay more to you because they are more excited when someone else comes", added Buffet as quoted by Express, Monday, April 26.

Previously, the CEO of the multinational Berkshire Hathaway company commented that Bitcoin is gambling. For him, crypto money is more like a game than an investment. Buffet said that cryptocurrency is coming to a "bad end".

On Saturday, April 24, cryptocurrency prices experienced a significant decline. Bitcoin fell 3.44 percent to touch USD 49.903. Meanwhile, the price of Ethereum has decreased by 10 percent to a price of USD 2.140.

The drop in cryptocurrency prices last week as a result of a policy issued by US President Joe Biden plans to raise taxes on the rich by 39.6 percent.

Despite this, crypto market analysts believe that cryptocurrency prices will return to normal prices. The opinion of market analysts is based on a number of investors, both institutional and retail, who apply cryptocurrency as an asset that can be used for legal payments.

On the other hand, analysts also predict that Bitcoin will face stiff competition from Ethereum.

"I thought maybe you should have some kind of technical sales. Ether is the driving force, which outperforms Bitcoin", said Chris Westo, Head of Research at Pepperstone Markets Ltd, quoted by Reuters.