I have always respected The Oracle of Omaha: Warren Buffet –even written a short book about ( in my university days) his financial analysis- with regard to efficient market hypothesis. However, his motives when I read his below quote is weird :
"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.
"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "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."
Conversely, however, I do understand that his old age might be acting against this business/ economic guru!!! In fact his assertion that cryptocurrencies will fail is baseless or based on his inability to understand the phenomenon behind blockchain technology and the power of millions of people supporting the technology and thus willing to accept it against all odds. Here are some few points:
Causing fud/ panic to buy cheap: It is possible that the Oracle of Omaha (just like JP Morgan CEO Jamie Dimon ) wants to add to the panic in order to buy cheaper –reason is that according to the interview, he might be eyeing the top cryptocurrencies. Therefore, let us be wise and buy when price falls: do not be fooled by fuders who want to influence price as they do daily with financial markets-therefore making billions in profits.
Afraid of new technology: Most established people are not comfortable with new technologies especially when they are in their old age (or when it disrupts their monopoly)-due to their risk appetite is lower than in their mid-age days. Therefore, I do understand my business guru on his fears about cryptocurrencies however steem, bitcoin, ethereuem , eos and elyte.io et al are here to stay.
Do you agree that bticoin, steem and other altcoins will suceed? Send in your comments, would you upvote in order to send in your support and resteem for others to join.
Click here and read my former post: Will South Korea's justice minister plan to Ban Bitcoin trading destroy Bitcoin, Steem and other altcoins
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