Warren Buffett Decided Not to Buy Bitcoin at $130 in 2013, Missed 4,000% Gains
Is Warren Buffett going through a bit of buyer’s remorse?
The billionaire investor and prominent cryptocurrency critic first chose not to buy Bitcoin way back in 2013.
When it was trading around $130 in May of that year, Buffett said, “Of our $49 billion, we haven’t moved any to Bitcoin.”
According to CNBC, the comment came during a discussion with Buffett and his business partner and fellow crypto detractor Charlie Munger:
“Berkshire Hathaway Vice Chairman Charlie Munger, Buffett’s long-time business partner, had kicked off the discussion that Saturday saying he had ‘no confidence whatsoever’ in bitcoin becoming a universal currency. Buffett agreed, saying that was his ‘gut reaction.'”
Both Buffett and Munger have a history of issuing strong words against Bitcoin and cryptocurrency in general.
Buffett has said Bitcoin is a “mirage” and has predicted many cryptocurrencies “will come to a bad ending.”
Munger has been more colorful in his choice of words, saying that trading Bitcoin is almost as bad as “trading freshly harvested baby brains.”
Since Buffett’s initial decision not to buy Bitcoin, its price has surged more than 4,000%.
Currently trading around $6,151, Bitcoin is down from its all-time high of nearly $20,000.