Buffett and Gates slam bitcoin for being a non-productive investment

Today In Cryptocurrency Buffett And Gates Slam Bitcoin Regulators Meet To Discuss Classification

"It's going to get worse, not better", CNBC quoted Buffett as saying at the company's annual meeting held at Omaha city in the USA state of Nebraska late on Saturday. "People like to speculate, they like to gamble", he added.

Further elaborating his claim, he said, "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".

Bill Gates stopped by CNBC's Squawk Box Monday with some strong words for bitcoin and those who believe it to be the second coming. He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".

Buffett disclosed the new investment Thursday evening in an interview with CNBC ahead of Berkshire Hathaway's annual meeting in Omaha, Nebraska.

Warren Buffett, the CEO of Bekshire Hathaway, and the third richest man in the USA and the world has always been very critical about Bitcoin and cryptocurrencies.

Buffett said their promotions have been "very, very good" for the company.

Are you a techie who knows how to write? He said he would be happier if Berkshire had $30 billion of cash and equivalents, not the $108.6 billion it reported holding at the end of March. How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that. Berkshire now owns 5 per cent of the iPhone maker, trailing only Vanguard Group and BlackRock. In addition to criticism from influencers like Bill Gates and Warren Buffett, multiple governments have come forward with hesitance and concern regarding the influence of cryptocurrency and the effects that it might have on the markets at large. But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.

Buffett said he does not want "much underwriting exposure to cybersecurity threats for Berkshire's insurance businesses".

Buffett says Wells Fargo clearly had the wrong incentives in place when bank employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets.

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