For many years, business tycoon Warren Buffet has condemned Bitcoin as an investment telling people that the crypto asset is nothing more than gambling. Two years ago, just before a 2018 Berkshire Hathaway annual general meeting, Buffet said bitcoin was “likely a rat poison squared”. Despite investor criticism, the market cap of the crypto asset has outperformed Buffet multinational conglomerate holding company Berkshire Hathaway in net worth.
Bitcoin has many haters, including the likes of Jamie Dimon, Peter Schiff, and Nouriel Roubini. In addition to these experts, American investor and Berkshire Hathaway chairman and CEO Warren Buffet doesn’t like bitcoin either. For many years, the manager who was interested in business and invested in his youth does not like Bitcoin (BTC) with a passionate passion. Two years ago, Buffet stated that buying the crypto asset is not an investment.
“You’re not investing when you do that,” Buffett insisted in 2018 during an interview regarding buying Bitcoin. “You speculate. There’s nothing wrong with that. If you want to play somebody else comes tomorrow and pays more money, that’s kind of a game. That doesn’t invest. “
During a discussion with CNBC’s Becky Quick, Buffet further stated that Bitcoin is “likely a rat poison squared”. On Valentine’s Day 2018, Buffet’s partner and Berkshire Hathaway vice chairman Charlie Munger said he loathed Bitcoin. During the company’s annual general meeting, Munger said the crypto asset was “harmful poison” and “disgusting.”
“I didn’t think for a second about having anything to do with it [bitcoin]”Munger insisted.” I hated it the moment it was raised. The more popular it got, the more I hated it. It’s just disgusting that people got caught up in it. “
Although the bigwigs in Berkshire Hathaway hate the crypto asset Bitcoin (BTC), the digital currency has outperformed the multinational holding company’s net worth, according to statistics. Bitcoin’s value, which is somewhere above the $ 29,300 per unit range, gives BTC’s market valuation a whopping $ 544 billion, which is $ 1 billion above Berkshire Hathaway’s capitalization.
A graphical perspective of Bitcoin’s market cap (BTC) after the crypto asset outperformed Visa’s valuation and rose towards Warren Buffet’s Berkshire Hathaway.
The next big company BTC has to pass is Taiwan Semiconductor Manufacturing (TSMC), the world’s largest semiconductor manufacturer. Bitcoin has already outperformed the major payment network Visa, valued at around $ 482 billion.
The Berkshire Hathaway conglomerate is basically also made up of many companies, as the holding company owns well-known companies like Dairy Queen, GEICO, Duracell, Pampered Chef, Fruit of the Loom, and others. Berkshire Hathaway also has significant minority interests in Coca-Cola, Bank of America, Apple, and American Express.
Since Bitcoin’s launch on January 3, 2009, 12 years ago, the currency has seen immense appreciation, and traditional investment tycoons have struggled to process why it became so valuable. To this day, people like Peter Schiff and Warren Buffet believe that Bitcoin is nothing more than a pyramid scheme.
“When you buy something like a farm, apartment block, or interest in a business,” Buffet once said. “You can do that privately. And it’s a perfectly satisfactory investment. You look at the investment yourself to get the return for you. Now if you buy something like bitcoin or a cryptocurrency, you don’t really have something that spawned anything. They just hope the next one pays more. “
What do you think of Bitcoin outperforming Berkshire Hathaway’s market cap value? Let us know what you think in the comments section below.
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