Billionaire investor Warren Buffett has been very vocal that he doesn’t like Bitcoin (BTC), which currently attracting some billionaires and institutional investors. The cryptocurrency surged from $17,500 on December 11 to an all-time high of $29,500 on 31 December 31, a 66% increase in 20 days.
Many Bitcoin investors are bullish that the cryptocurrency will continue to rally. In fact, an increasing number of investors prefer the cryptocurrency over gold as a hedge against inflation. Their belief will not sit well with Buffet, who also dislikes gold.
Warren Buffett called Bitcoin a “rat poison” that will result in a “bad ending”
Buffett, the Chairman and CEO of the multinational conglomerate Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) is worth a striking $87.5 billion. He called Bitcoin “probably a rat poison squared” in an interview with CNBC in 2018, and advised investors to not invest in the cryptocurrency.
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” the chairman and CEO of Berkshire Hathaway said then. “If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth,” Buffett said.
