Buffett bashes bitcoin, gushes over Apple

Bill Gates said he'd short Bitcoin if he could.                  Jack Taylor  Getty Images

Bill Gates said he'd short Bitcoin if he could. Jack Taylor Getty Images

At Berkshire Hathaway's 2018 Annual Shareholders Meeting over the weekend, Buffett called cyber "unchartered territory" and said the fall-out and business risks from cyber-attacks are "going to get worse, not better".

"The fact that it's clever computer science doesn't mean it should be widely used", Berkshire's Charlie Munger says of bitcoin. Why in the world should I take a long or short position in something I dont know about?

Buffett said if autonomous cars are safer, consumers will accept them and auto insurance rates would go down because of fewer accidents, even though repairing cars has become more expensive.

Bill Gates, the founder of Microsoft and the world's second richest person trash talked Bitcoin in an interview with CNBC.

Before Monday, the cryptocurrency had been flying high, possibly as a direct outcome of Reddit revealing that it plans to reinstate Bitcoin as a payment method for gold membership.

One of the biggest names in the list of billionaire investors Warren Buffett is not particularly fond of bitcoin or the new digital era currency that took the world by storm past year.

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Green ended that Buffett and other elder statement of the investment universe should be open to a new, decentralized, digital, global currency.

Warren Buffett told CNBC in an interview that the "asset itself (Bitcoin) is creating nothing".

He encouraged people as private citizens to speak out about what they believe in but said as a company, they should remain neutral. Besides the speculative nature of ICOs, Gates also appears to be on board with the criticism of Bitcoin as dependent on the "Greater Fool" theory. "And I think that changes the equation some".

Bears believe Buffett's comments are worthy of consideration. During Saturday's meeting, the Berkshire Hathaway CEO said, "If you had bought gold at the time of Christ and you figure the compound rate on it, it's a couple tenths of a percent".

One half of famed Bitcoin proponents, the Winklevoss twins, has responded to Bill Gates' comments about shorting Bitcoin.

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