During the Berkshire Hathaway Annual Meeting, Warren Buffet, CEO and Chairman and Charlie Munger, Vice President elaborated about their investment decisions. They also spoke about market trends and follies.
They claimed that: Stock Markets have become a gamblers parlour.” Buffett stated, “Sometimes it is quite investment-oriented, and other times it is almost totally a casino, a gambling parlour, and that existed to an extraordinary degree in the last couple of years, encouraged by Wall Street.”
Pointing to Bitcoin Warren Buffet stated: “Things cannot claim value only because someone else is willing to pay more for it.”
Munger called Bitcoin “Stupid and Evil.”
Buffet stated that if someone would offer all the Bitcoin in the World for $25 he would not take it. He asked “ What would I do with it” He further implied that assets should deliver value. Things should not claim value because someone else is willing to pay for it. He opined that cryptocurrency can only be sold forward for a higher price and that it cannot buy anyone anything in the general market.
The reality is that cryptocurrency is volatile. Just because the price of a token goes up and down does not mean that it is a scam – it just means you need to understand more about crypto. Perhaps Warren Buffet did not understand Bitcoin and Altcoins in Full. However, the legend knows what money is very clearly. It just looks like cryptocurrency is not for the older generation, but it is for the new generation.
Cryptocurrency these days is used to buy and sell things. There are many cryptocurrencies available; however, most of them for now are using it for speculative purposes considering it for the store of value element. Profit making and speculation is the reason behind those who are choosing to hold.
Cryptocurrency has some well-known use cases: 1. Decentralized Digital Currency. 2. Cryptocurrency banking. 3. Asset tokenization. 3. On-chain governance. 4. Smart contracts.
Bitcoin and cryptocurrency have the potential to store and grow value.
The list can get further long like Money transfer use cases and a range of applications in the blockchain space like: 1. Secure sharing of medical data. 2. NFT marketplaces. 3. Music royalties tracking. 4. Cross-border Payments. 5. Real-time IOT operating systems. 6. Personal Identity Security. 7. Anti-money laundering and tracking system. 8. Supply chain and logistics monitoring. 9. Voting mechanism. 10. Advertising insights. 11. Original content creation. 12. Cryptocurrency exchange. 14. Real estate processing platform and lot more.
The verticals that the cryptocurrency and the blockchain industry provide for is really huge.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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