"According to Bill Gates, "[he] would short it if there was an easy way to do it..." providing one of the most bearish statements we've seen from the Microsoft founder and Berkshire directors thus far. Bill Gates has a strong opposition to bitcoin, as well as other digital currencies, that the only involvement he had with it resulted from a birthday gift - which he even sold a couple of years after. "As an asset class, you're not producing anything, so you shouldn't expect it to go up", he said.
Gates believes that Bitcoin and ICOs are "some of the crazier, speculative things" said Gates.
Doubling down on comments during the weekend, Munger told CNBC on Monday that just because bitcoin and the blockchain technology behind it is "clever computer science doesn't mean it should be widely used, and that respectable people should encourage other people to speculate on it".
He classified this kind of investment as a "greater fool theory" investment. "It does create a rising price, creates more buyers".
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Back in December, Bitcoin reached an all time high of $20,000 dollars.
Though virtual currencies are just nothing more than insane investments, according to Gates, like other cryptocurrency skeptics he still believes that blockchain itself as a separate technology can be rather useful. "You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is!"
Munger has additionally referred to bitcoin as poison.
Legendary investor Warren Buffett's portfolio won't be scooping up shares of insurers that underwrite cyber insurance. This is still good news for Bitcoin investors as this price is still an approximate 25% gain over the past month.
When asked by another attendee about the cryptocurrency craze, Buffett admits that these digitalized coins will "come to bad endings".