"If you look at Apple, I think it earns nearly twice as much as the second most-profitable company in the United States", Buffett told the cable network, calling it an "unbelievable company". For example, Buffett has acknowledged that he regrets not getting in on Amazon years ago.
Berkshire Hathaway's Vice Chairman Charlie Munger echoed Buffet's criticism of cryptocurrency investment, although in much harsher terms. According to CCN, he said the system is a "joke", likening that to putting some value to checks just because they are used to transmit money.
"If a $100 billion deal came along that Charlie and I really liked, we'd get it done", he said. "I would short it if there was an easy way to do it".
Buffett also shared in December his opinion about initial coin offerings (ICOs), saying that they will not beef up investments. Buffett said the mystique behind the cryptocurrency has driven a surge in its price. Being an absolute anti-fan of investing into cryptocurrencies, he said that Bitcoin is "probably rat poison squared".
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It painted the solar requirement as a major step toward lowering utility bills and ridding California of "gas-guzzling homes". The CEC estimates the move will reduce greenhouse gas emissions by 700,000 metric tons over the course of three years.
However, I'd be inclined to say that the comments of Buffett, Munger, and Gates could be weighing on the cryptocurrency markets on Monday. "It's going to get worse, not better", CNBC quoted Buffett as saying at the company's annual meeting held at Omaha city in the U.S. state of Nebraska late on Saturday.
Robust phrases. However to be truthful to bitcoin bulls, each Buffett and Munger have been mistaken concerning the cryptocurrency.
Like other cryptocurrency bears, Bill Gates conceded that blockchain, the technology behind bitcoin, can be very useful but said virtual currencies are nothing more than insane, speculative investments. 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. Bitcoin's price, at the time of writing, is sitting at $9,384, after what's been a turbulent six months for the currency.
XRP/USD's XRP token traded 3.0% lower to $0.83106 on the Poloniex exchange.