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Bitcoin’s in a slump — here’s why Warren Buffett has hated it all along

After a bully first quarter of 2021 that led to an all-time peak of $63,000 per unit in mid-April, the world’s leading digital currency, Bitcoin, has since lost more than 40% of its value, settling at just over $35,000 on Friday, May 28.

Holdout investors who only a couple of months ago may have thought they’d missed an opportunity of a lifetime are now sighing with relief; meanwhile, those who bought in at the peak are trying not to think about their losses.

And what about Warren Buffett? What would world’s most famous investor say to those who might be thinking of firing up their investment apps and buying Bitcoin at a bargain price.

It’s “probably rat poison squared,” Buffett once said.

While Buffett chose not to comment on cryptocurrency during his company Berkshire Hathaway’s annual shareholders meeting earlier this month, Berkshire vice-chairman Charlie Munger pulled no punches on the subject.

“I don’t welcome a currency that’s so useful to kidnappers and extortionists,” Munger said during the meeting’s much-watched Q&A session. “The whole damn development is disgusting and contrary to the interests of civilization.”

Not to be outdone, Buffett has made his share of extremely cutting remarks about Bitcoin and cryptocurrency over the years: “I don’t have any Bitcoin. I don’t own any cryptocurrency, I never will,” he told CNBC in 2020.

He says “Bitcoin has no unique value, it doesn’t count as money and he doesn’t understand it”

Source: Yahoo Finance