Warren Buffett was at it again this week touting his disdain for the cryptocurrency market. Having famously warned of the markets impending “bad ending” some months ago, the investment guru is back in the headlines slamming none other than Bitcoin (BTC).
Pulling his punches from the entire crypto-scene and focusing on Bitcoin (BTC) may just mask the fact that, indirectly at least, Warren Buffet is already invested in the tech behind the most famous of altcoins, Ripple (XPR). While Mr. Buffett scoffs at the list of overvalued companies representing the majority of cryptocurrencies, his words against Bitcoin (BTC) this week speak volumes to his investment strategy.
In an interview with Yahoo Finance, Buffett remarked, “If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything, you’re just hoping the next guy pays more.” And while he openly admits he doesn’t really know much about the various budding blockchain technologies, he has mentioned in the past that he would buy five year puts on every one of the cryptocurrencies. However, when taking in the investment strategies of the Oracle of Omaha, a closer look reveals that this ‘buy and hold’ strategist has a number of positions that seem to contradict his opinions concerning the altcoin scene.
Warren Buffett is invested directly in a number of financial institutions. From Bank of America to Wells Fargo, these long-term holds make up a sizable portion of the latest traded stocks in his portfolio.
And while Bank of America may have recently admitted that cryptocurrencies represent a threat to their business model (amazing considering these coins don’t produce anything /sarc) others on his list are experimenting with crypto-systems as a way of reinventing payments. Examples of financial institutions using blockchain technology, and specifically Ripple (XRP), to facilitate cross-border transactions should not be news to anyone anymore. Read more from globalcoinreport.com…
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