Friday, March 14, 2014

Warren Buffett Blasts Bitcoin as 'Mirage': 'Stay Away!'

"Stay away from it. It's a mirage, basically," Warren Buffett said on CNBC's "Squawk Box" this morning. Buffett really gets it and really put it in very basic terms:
It's a method of transmitting money. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.


  1. Even Warren Buffet knows that Bitcoin will move like a rocket, ready for takeoff
    One of these days, Wenzel, One of these days...
    BAM! ZOOM! Straight to the moon.

    1. Congratulations, your general reading comprehension seems to match your comprehension of Bitcoin,

  2. Equating bitcoins (actual commodities) to checks (promises to pay actual commodities) is intellectual dishonesty in the same league as saying the U.S. dollar is backed by what it buys you at the grocery store. And you think he really gets it?

  3. When I want to learn about the possible benefits or disruptive characteristics of new technology, l look to old half-dead men like Warren Buffet for advice.

    Bitcoin solves the double spend problem, which means it is capable of eliminating banking intermediaries, which mean it is capable of transmitting wealth internationally without fees.

    Perhaps Buffet missed that part.

  4. Warren Buffet's statement must be understood in context. Immediately after the quoted text, he added, "Get off my lawn!"