Rizzo Shared: Today in 2014, Buffet dismisses Bitcoin at $600. Up 6,000% since.
Community Response: I price my services in Bitcoin. The last page is an actual bid.
“Ladies and Gentlemen! Introducing “Bid Service Contracts Denominated in Bitcoin” the white paper. Business owners, bend it, break it, and make it your own. Employees, anonymously, leave a copy on your boss’s desk.”
How do you know that Buffett doesn’t have a Bitfinex account? And he is right, the term cryptocurrency is outdated. Bitcoin is a digital asset, not currency.
Most ‘cryptocurrencies’ are indeed ‘digital assets’ however Bitcoin can act as an asset/store of value (like gold) or a currency. Tell El Salvador it is not.
The first 10 seconds were wrong but he was correct on UoA point. What he doesn’t understand is that monetization is a process, not something that completes all at once.
Bitcoin; oh, yes you are right my dear. CNBC shilling BTC from 2014? Wow.
How is the price being up a counter-argument to it not being a currency? What’s the meaning?
Of life? To buy Bitcoin of course. He was right; goods were not (and in general are not) being priced in bitcoin. It was foolish to think this determined the fate of bitcoin, though!
Well, there is no such thing as insider information about Bitcoin.
What kind of insider information do you want? He’s right, the Bitcoin himself will never be a currency. Everybody, laughing at him, but he’s right.
Decentralized Stable Coin is the next currency.
He also dismissed Google, Apple and Amazon, and many others. He gets lots wrong and is still successful.
Hard to predict the Future, eh? In his defence, most of us did not understand or know about the potential of Bitcoin at that time either. Most still don’t. Only 5% of the world does if that.
I would say less than that, more like 0.00001% understand the technology behind Cryptocurrency and the math. And, those are usually mathematicians, physicists, coders, and hackers.
US$ and others meet the definition of a currency. They are used by criminals, warlords, drug dealers and laundered through by so-called “neutral” country. Bitcoin doesn’t meet this definition.
It’s amazing to me that someone that is intelligent, and well-informed, dismissed it like that. But on the other hand, most of the best investors wrote off Amazon too – until it changed its model and took off. Plenty of bargains has been missed by most of the best.
It’s because he has a “battle-tested” (i.e., super old and outdated) method that summarily rejects things that don’t perfectly fit into his criteria. As such, he misses a lot of opportunities.
I think you nailed it. He has a ‘set’ and trusted criteria or paradigm/lens through which evaluates everything, which made him a fortune, so why would he deviate from that? That is probably why.
And still, he made more money in this time than any other “crypto investor”.
Give crypto investors the 600-year runway he’s been investing for and even the novices will crush his returns. Best of a currency. 1 dollar equals 100 cents. Doesn’t go up or down, wait.
What if he is trying to accumulate as much before the ultimate RIP? Smart money always wants to be first. If he says bitcoin is superior SOV/money what do you think will his followers etc do? And what will happen to the Bitcoin price? Won’t he have to pay a lot to acquire?
Steven is a technology-focused writer with a strong interest in emerging digital trends and innovation. With experience spanning both travel and online projects, he brings a global perspective to his reporting and analysis. His work reflects a practical understanding of how technology, markets, and digital platforms intersect, offering readers clear insights into developments shaping the modern tech and crypto landscape.
Get the latest Crypto & Blockchain News in your inbox.
