Legendary investor Warren Buffett’s prediction of bitcoin from 2014 was horribly wrong, with the biggest cryptocurrency still going strong eight years later
It’s been eight years since legendary investor Warren Buffett first rejected bitcoin.
On March 3, 2014, the “Oracle of Omaha” claimed that bitcoin was not a currency in an interview with CNBC. Buffett also predicted the demise of the biggest cryptocurrency:
It is not a currency. I wouldn’t be surprised if it doesn’t happen in the next 10-20 years.
The crypto king is currently up almost 5,800% since the billionaire first criticized it. Eight years ago bitcoin was changing hands at $678.
Over the years, the boss of Berkshire Hathaway has made several harsh comments about bitcoin, becoming one of its harshest opponents.In May 2018, the prominent American investor infamously called bitcoin a “rat poison class,” a particularly scathing remark that rattled the entire cryptocurrency community at the time.
As reported by U.Today, Buffett’s right-hand man Charlie Munger recently compared bitcoin to “a sexual dysfunction,” doubling down on his call to ban cryptocurrencies altogether. .