Buffett, Gates are latest bitcoin critics, halting $10000 push

Warren Buffet

Buffett, 87, and Munger, 94, spoke two days after they presided at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people.

He also responded to a question from the audience about bitcoin by saying that it and other crytpocurrencies "will come to bad endings". "I just know it will happen".

Strong words. But to be fair to bitcoin bulls, both Buffett and Munger have been wrong about the cryptocurrency. "It's like somebody else is trading turds, and you decide, I can't be left out".

Monday's run continues a stretch of good news for Apple.

Buffett says cryptocurrencies like bitcoin are nonproductive assets similar to gold. "Now that is not something, I think, the world needs", he said.

Warren Buffet was joined for the discussion by Berkshire Vice Chairman Charlie Munger and Microsoft co-founder Bill Gates. The fact that it's clever computer science doesn't mean it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde's definition of fox hunting: "'The pursuit of the uneatable by the unspeakable'".

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While Bill Gates shares the disregard for cryptocurrencies, he did share that blockchain technology is valuable.

However, on bitcoin and ICOs, Gates agreed with Buffett and Munger. "As an asset class, you're not producing anything, so you shouldn't expect it to go up".

The endorsement was well received and Apple CEO Tim Cook responded to the endorsement and appreciation in kind in a statement where he said, "On a personal level, I've always greatly admired Warren and have always been grateful for his insight and advice".

"I would short it if there was an easy way to do it", Gates told CNBC May 7 during a joint interview with his billionaire pals Warren Buffett and Charlie Munger.

"Nobody buys a farm based on whether or not it's going to rain next year or not", Buffett explained.

The gap between Apple and other USA companies in terms of market cap is equally impressive, with the iPhone-maker now worth over $120 billion more than its nearest tech rivals Amazon ($773B), Microsoft ($732B) and Alphabet ($719B), which are the second, third and fourth in market cap valuations, respectively. The billionaires didn't offer any commentary on whether they perceive a future for non-bitcoin decentralized economies or products.

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