Since its inception, Bitcoin has fielded criticism from all corners of the world, from Wall Street and Silicon Valley to rural America and the state homes of the world’s leaders.
The critics have said things like “cryptocurrency has no inherent value,” “BTC is an asset for criminals and pornographers,” and similar quips of the sort.
Unfortunately, the criticism hasn’t abated, with the world’s most prominent stock market investor, Warren “the Oracle of Omaha” Buffett, recently taking to mainstream media to claim that cryptocurrencies are a trend still not viable in his eyes.
Some, however, have had the courage to stand up to Buffett, saying that his opinion on cryptocurrency should not be taken into account when investing, despite the billionaire sporting a strong track record.
Warren Buffett Doubles Down on Bitcoin Hate
Per previous reports from Blockonomi, in an interview with CNBC, the Berkshire Hathaway CEO said that he will never own cryptocurrency, adding that digital assets, Bitcoin included, has no inherent value:
Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: zero.
This comment from Buffett regarding Bitcoin is reminiscent of his previous statements on the matter, such as when he called the cryptocurrency “rat poison squared” and saying that the asset has not much more value than a suit button.
As this latest Bitcoin bash came from the world’s most well-known investor, it was shared around the globe, used by critics as a way to prove that they’re right about their distaste for cryptocurrency.
But, does what he has to say on cryptocurrency really matter?
Does What He Say About Crypto Really Matter? Investor Asks
According to Anthony Pompliano, a partner at crypto fund Morgan Creek Digital and an industry content creator, what Buffett has to say about Bitcoin is somewhat irrelevant in the grand scheme of things.
I spoke to @jchatterleyCNN this AM.
Explained why Warren Buffett isn't a great person to listen to on technology and why Bitcoin's monetary policy is superior to fiat monetary policy.
If this video gets 500,000 views, Julia will bring on more Bitcoiners.
You know what to do ???????? pic.twitter.com/lEcyQkbG6w
— Pomp ???? (@APompliano) February 25, 2020
Speaking to CNN on Tuesday morning, Pompliano stated:
“I really don’t take technology advice from somebody who uses a flip phone or doesn’t use email.”
Indeed, while a report just confirmed Buffett has switched to using an Apple iPhone, this change transpired very recently, with the billionaire investor himself professing his love for simple flip phones for years on end.
Not to mention, cryptocurrency trader Jacob Canfield recently made the below observation: Warren Buffett has unfortunately missed “the biggest investment opportunities of a lifetime,” drawing attention to headlines that show Buffett claiming to have missed the boat on Google, Amazon, Uber, Apple, and, of course, BTC.
Warren Buffet has a habit of missing the biggest investment opportunities of a life time.
❌ Apple (bought some last year)
He also has significant investments in major banks, the direct competitor of Bitcoin. pic.twitter.com/O41h0VVO0e
— Jacob Canfield (@JacobCanfield) February 24, 2020
Wall Street is Seriously Looking at Bitcoin
Aside from Pompliano’s point that Buffett has historically avoided paradigm shifts in society that have involved technology, Wall Street has begun to seriously consider Bitcoin, adding credence to the conversation that BTC has value in today’s world.
Case in point: Fidelity Investments — one of the world’s largest financial services firms — has launched a fully-fledged crypto division, offering custody and trade execution to its institutional clients. And the owner of the New York Stock Exchange has launched a crypto exchange called Bakkt.
Moreover, some of the world’s most powerful technologists and futurists are starting to flood into cryptocurrency.
Billionaire investor and a former executive of Facebook Chamath Palihapitiya just said in an interview with CNBC that while he respects Warren Buffett, he doesn’t agree with his investment thesis (or lack thereof) on Bitcoin. Talking about BTC, he said:
“I think a reasonable strategy is to say 1% of my net worth should be in something completely uncorrelated to the world and how the world works.”
Palihapitiya has been joined by Elon Musk, who called the Bitcoin whitepaper “cool” and “brilliant,” along with Twitter and Square CEO Jack Dorsey, who has branded the cryptocurrency the most likely contender to become the “currency of the Internet” on multiple occasions.