Bitcoins Similar to Checks Are a Medium of Transmitting MoneySeptember 25, 2019
Buffet has to say that he is not a big fan of either cryptocurrency or marijuana. Known to be one of the successful investors of the current generation, who turned $10,000 worth seed capital into $83 billion in just six and a half decades, he owns nearly five dozen businesses across different industries and sectors. He continues to manage a portfolio which is currently worth more than $218 billion.
Buffet believes in managing strong brands which provide for sustainable comparative advantages. And, he never re-invests the wheel in terms of investing. He usually buys stocks via Berkshire Hathaway and holds them for long periods. He is not a fan of the cryptocurrency craze.
When asked about Bitcoin way back in 2014, he required the investors to stay away from it. He stated that it was a mirage. He expressed that it was a method of transmitting money anonymously. He said that checks transmit money too. He asked if checks were worth a whole lot of money just because they can transmit money. He hoped that Bitcoin would become a better way of doing it. He also stated that it can be replicated in a lot of other ways.
The Oracle of Omaha openly expressed that Bitcoin was not worth any intrinsically, and he stated that in his view that idea was a joke.
A recent survey revealed that nearly 81% of Americans are familiar with at least one kind of cryptocurrency. Several people consider the cryptocurrency to be a mystery. And, the bulk of the buyers of the cryptocurrency are the millennials.
When compared to Gen X and Baby Boomer’s millennials are very hopeful about cryptocurrency. Most of them believe it to be a good investment. Only 20% of GenX agree with the millennial. And 43% of the Baby Boomers consider Bitcoin to be a bad investment.
The millennial population believes that cryptocurrency will become a widely accepted method of the transaction with which one will be able to make legal purchases in just ten years. Although not all of the millennial folks are interested in converting to using the cryptocurrency, they have their reservations about why they would not convert to using it immediately.
Cryptocurrencies continue to be in the experimental phase. The two extremes of Buffet and Millennial population might both be correct about their views, but it is for evolution to reveal mass adoption.