WARREN BUFFETT: Bitcoin is 'probably rat poison squared'
What's the story?
Warren Buffet came out (again) and said Bitcoin is a terrible investment. More specifically it's, "probably rat poison squared." He further stated that they don't have any position either long or short and have no intention of having a position in Bitcoin.
Why Does This Matter?
I posted below commentary by Fred Wilson on Warren Buffet's comment titled, "Is Buying Crypto Assets 'Investing'". It's an excellent read. I don't understand why Mr. Buffet's comments are even getting any press. Mr. Buffet has repeatedly said they are lousy tech investors and yet they are commenting on an investment that is undisputedly in the technology space. You don't ask a lawyer to give you brain surgery. Why listen to someone who has no expertise in the given area? Don't get me wrong, Warren Buffet could be right. Cryptocurrencies could be a fad, and everything goes to 0. I don't want to debate the merits of that happening, but rather express disappointment that while you can disagree with something, you should have a reasoned argument. If you don't understand a concept, then don't say it's "rat poison squared". It doesn't help anyone.
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