Tuesday, 16 October, 2018

Bill Gates Warning To All Bitcoin Investors

Winklevoss Bitcoin Tyler Winklevoss to Bill Gates ‘Put Your Money Where Your Mouth Is’ Rick D
Kenneth Drake | 09 May, 2018, 00:43

At Berkshire Hathaway Inc's annual shareholder meeting, Buffett credited Apple with developing "extremely sticky" products to which consumers become attached and endorsed Apple's decision to buy back its own stock, saying it was the technology company's most productive use of cash. He said: "As a class of asset, you aren't producing anything so you should not just expect it to go up". "It does create a rising price, creates more buyers".

"I agree I would short it if there was an easy way to do it", he said....

Gates as well as many other critics of the cryptocurrency are very negative about the extreme volatility of the cryptocurrency market. "It's kind of a pure "greater fool theory" type investment", Gates said.

Doubling down on comments during the weekend, Munger told CNBC on Monday that just because bitcoin and the blockchain technology behind it is "clever computer science doesn't mean it should be widely used, and that respectable people should encourage other people to speculate on it".


Though Bitcoin has been around for almost a decade, the cryptocurrency didn't really become a true mainstream phenomenon until late 2017 when the price of Bitcoin shot up from about $5,800 to almost $20,000 in the span of just four weeks.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value.

Winklevoss along with also his brother Cameron had $1 1 million in bitcoin at $120 a coin in April 2013.

He has previously said that cryptocurrencies "definitely will come to a bad ending". The cryptocurrency had been on a steady rise in the past three weeks, nearly reaching the $10,000 mark before slipping to $9,200 on May 6. The old-school duo called Bitcoin "rat poison" and "turd" earlier during the event. A trader that sells a futures contract in anticipation of the decline in bitcoin earns money if the purchase price will not shed.

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