Warren Buffett Predicts Demise of Crypto, Admits He Was Wrong on Google and Amazon
Billionaire Warren Buffett is one of the most successful investors of all time – but nobody’s perfect.
At the Berkshire Hathaway’s annual shareholder meeting, Buffett trashed the future of cryptocurrency while admitting he didn’t see tech giants Google and Amazon coming.
At Saturday’s event, Buffett said, “I made the wrong decisions on Google and Amazon,” reports CNBC. “We’ve looked at it. I made the mistake in not being able to come to a conclusion where I really felt that at the present prices that the prospects were far better than the prices indicated.”
Buffett says back in the day, Bill Gates had to tell him to stop using Altavista and switch to Google.
As for Amazon, Buffett says he always held Jeff Bezos in high esteem, but thought the odds were stacked against him. “I think what Jeff Bezos has done is something close to a miracle… The problem is when I think something will be a miracle, I tend not to bet on it.”
So what about cryptocurrency? At the same event, Buffett wasn’t shy about the new technology, boldly saying Bitcoin is “probably rat poison squared.”
.@WarrenBuffett on bitcoin just now: “it’s probably rat poison squared.” #brk2018
— Becky Quick (@BeckyQuick) May 5, 2018
Buffett has a long history of trash talking cryptocurrency. Earlier this year, Buffett said Bitcoin is a “mirage” and said he was almost certain cryptocurrencies “will come to a bad ending.”
Despite his misgivings on crypto, BNSF Railway – which is part of Buffett’s Berkshire Hathaway – recently joined the Blockchain in Transport Alliance.
The group is made up of over 200 companies looking at how to use the blockchain to create new standards in supply chain logistics, vehicle repair and fraud prevention.
“Blockchain technology has the potential to change several aspects of the transportation industry and it is important that the industry comes together to align around a set of standards,” said Muru Murugappan, BNSF vice president of technology services and chief information officer. “We are excited to help drive those standards forward as a member of BiTA.”
Comments 1
Mr W
May 7, 2018We shouldn’t expect every crypto out there to do what Bitcoin has done in terms of growth. If the Bitcoin model were to be released today into a sea of other crypto and it was say Ethereum or Dash that was the first crypto then it would probably have no future. I am fully aware of Bitcoins origins and that it was the first, but a loyal crowd had stood by it. Despite being one of the slowest to use for transactions and fees that are ridiculously high, people still love Bitcoin. As more people become aware of Bitcoin we see more people divided on it’s future but what do they see as the future of Bitcoin??? A tool to make millionaires out of speculators?? Well maybe but those days of massive gains seemed to slow up when it was listed on the exchanges it was manipulated by traders in the same way they manipulate silver and gold prices. I don’t think Buffett sees the big picture. The future of Bitcoin, Vertcoin or whatever is most likely something that most of you don’t envision just yet. Most likely where it will just be used to speed up everyday banking, boring stuff similar to what Ripple has been doing. That’s probably a good thing, “coins” such and DCR, VTC, LTC, and a few others that are ready for the Lightning Network will add value to BTC which is also ready for use. Maybe 10-12 years from now you’re going to hear stories everyday from people and about people who once owned a Bitcoin and sold it for $10k or they got on Vertcoin at $3 and thought it was too high!!! Remember everyone has an opinion, Jamie Dimon was the most outspoken trash talker of Bitcoin and he was organising a patent for blockchain use at the same time.
All this and I own no Bitcoin, none at all, just a few LTC and some VTC. Dinosaurs are the past, trust yourself and write the future.