Warren Buffett and Berkshire Hathaway are notorious for their stance on Bitcoin. Buffett has stated that Bitcoin is “rat poison squared,” and recently, the Vice Chairman of Berkshire Hathaway, Charlie Munger, has made the analogy that trading Bitcoin is similar to trading “harvested baby brains.” These comments seem unnecessarily harsh and unprofessional from an institution such as Berkshire Hathaway. There are far more intelligent arguments that could be used against Bitcoin than insulting those who trade in the asset class.
Bill Gates, Jamie Dimon, and Carl Icahn have also been vocal in their opposition to Bitcoin in general as well as to cryptocurrency as a whole, and IMF director, Christine Lagarde, has also pointed out concerns about the cryptocurrency in the past.
However, the media and other high-profile individuals have been quick to rebut these negative remarks, which can fail to deliver on statistics or evidence. Martin Weiss, the founder of Weiss Ratings and Weiss Cryptocurrency Ratings, disputed these claims at a Berkshire Hathaway shareholder meeting.
Weiss also publicly announced three levels of value generated by cryptocurrency in a press release. He stated that cryptocurrencies have intrinsic value due to the distributed ledger technology that leads to fast, low-cost transactions, and pointed out that cryptocurrencies have exchange value for fiat money and the general exchange of goods and services. Lastly, Weiss said that cryptocurrency has use as the basis for a new monetary system.
Weiss Ratings has provided analysis on over 55,000 institutions and many cryptocurrencies. It would seem more objective than the comments from Berkshire Hathaway, which do not cite any statistics to back up their positions. That a powerful shareholder raised objections during a meeting could be a sign that BH is hurting itself with unsubstantiated anti-bitcoin rhetoric. In 2014, when Bitcoin was trading at $600, Buffett called it a mirage and advised investors to stay away.
Regarding cryptocurrency analysis, Weiss ratings are well regarded in the industry. They are bearish on all Bitcoin forks, including Bitcoin Cash, which they regard as unethical and without a solid foundation to survive over the long term. Weiss is very bullish on cryptocurrencies such as Cardano, NEO, and EOS.
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Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.