One of the most successful investors of all time, Warren Buffett might be killing his reputation by being so harsh on Bitcoin, Max Keiser believes.
Warren Buffett, the fifth-richest person on the planet, has repeatedly expressed his unfriendly stance toward Bitcoin (BTC). One of the most successful investors of all time, Buffett might be killing his reputation by being that harsh to BTC, according to one industry player.
Keiser argues that it’s time to leave Buffett in the past
On May 2, Buffett’s Berkshire Hathaway reported a $50 billion Q1 loss, with Buffett admitting a major investor mistake. Keiser subsequently argued that the legendary 89-year-old investor “killed his reputation by being stupid about BTC.”
He tweeted on May 3:
“Now that Buffett is out of the game and stock buybacks are rightly being called out as fraudulent, investors will ask… If Buffett was dead wrong about so much, was he also wrong about #Bitcoin and Gold? ANSWER: YES. Buffett killed his reputation by being stupid about BTC.”
Keiser further tweeted that it is time to leave Buffett in the past, outlining that millennials and Gen Z should look to Bitcoin. The Bitcoin bull also highlighted that Buffett “was already way overrated,” as he missed not only Bitcoin investment, but also gold, Apple and Amazon.
Pomp says that Buffett has enough cash to “buy every Bitcoin” in the circulating supply
By the end of March, Buffett’s Berkshire had a record $137 billion in cash and equivalent instruments. Anthony “Pomp” Pompliano, co-founder and partner at Morgan Creek Digital, tweeted on May 2 that Buffet is able to buy all circulating bitcoins with that amount. Pomp said:
“Warren Buffett has $137 billion in cash. That is almost enough to buy every Bitcoin in the circulating supply.”
Pomp’s tweet apparently was nothing but sarcasm though. In order to purchase all Bitcoin in circulation, Buffett would have to persuade every BTC hodler to sell him the cryptocurrency at current market price, Binance CEO Changpeng Zhao (CZ) pointed out.
Pomp subsequently supported CZ’s stance, outlining that having enough cash does not mean that one can get all the Bitcoin. “I’m not selling mine and I figure you’re not either,” Pomp concluded.
After claiming that Bitcoin is “rat poison squared” in 2018, Buffett did not change his stance to the cryptocurrency even after Tron CEO Justin Sun gave him Bitcoin at a historic charity lunch in February 2020. Although Buffett reportedly accepted Sun’s gift first, the legendary investor still claimed that cryptocurrencies have “zero” value and don’t produce anything. Eventually, Buffett declared that he doesn’t own any crypto, reportedly having donated his crypto gift to charity.