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Warren Buffett has long been skeptical about Bitcoin, stating that it only has transactional functionality and lacks intrinsic value. He once compared Bitcoin to being on a continuously leaking ship, suggesting that instead of spending energy patching the holes, it's better to invest efforts in finding another ship.
Microstrategy, a software company, holds the title of owning the most Bitcoin among all publicly traded companies in the United States. Its CEO, Michael Saylor, echoed Buffett's sentiments on Bitcoin in a tweet, quoting Buffett's analogy about being on a leaking ship. In the past, Buffett expressed a negative view of Bitcoin, considering it to have only transactional functionality and no intrinsic value. He even referred to Bitcoin as rat poison and believed that the speculative nature of Bitcoin was akin to a gamble that would ultimately collapse.
Given Buffett's perspective, he may be cautioning against enduring long-term losses and encouraging individuals to seek alternative investments. Despite the recent fluctuations in the price of Bitcoin, with it dropping below $42,000, Buffett's stance on Bitcoin seems unchanged. The global performance of risk assets has been lackluster recently, influenced by expectations of the Federal Reserve raising interest rates and tensions between Ukraine and Russia.
In summary, Buffett's analogy of changing a leaking ship resonates with the idea of seeking alternatives when faced with persistent challenges, reinforcing his longstanding skepticism towards Bitcoin. |
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Post time 18-11-2023 08:10:07