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Wednesday, October 11, 2017

I like Warren Buffett's view on cryptocurrency. How about you?

How did Warren Buffett view cryptocurrency?

Warren Buffett viewed cryptocurrency as a means of money transfer and not real money.  This is also his reason for not investing in cryptocurrency.  His rationale behind cryptocurrency is substantiated by his financial background and investment experiences and he uses a simple analogy to explain the cryptocurrency.

His analogy:

Cryptocurrency is just a means of money transfer which is similar to a conventional cheque.  A cheque is also a means of money transfer.  How much would you pay for a cheque then?  He said he couldn't understand the rationale for other people wanting to pay so much for a cryptocurrency just for money transfer.  There is no real use for a cryptocurrency and it doesn't yield any dividend at all.

We really need a savvy billionaire like him to jolt us back from our dreamland to the reality.  Even an ex-IMF economist doesn't have faith in cryptocurrency.

https://www.coindesk.com/ex-imf-economist-kenneth-rogoff-joins-bitcoin-will-collapse-chorus/

1 comment:

Eric Ho said...

https://www.thestreet.com/story/14337027/1/bitcoin-is-a-bubble-peter-schiff-warns.html?puc=yahoo&cm_ven=YAHOO&yptr=yahoo