(DFN) Recently, Warren Buffet, Bill Gates, and Charlie Munger spoke negatively of cryptocurrencies, but Gary Cohen spoke somewhat positively and there are other signs that institutional money is becoming more keen on cryptocurrencies. Buffet called Bitcoin a “non-productive asset” and that the “asset itself is creating nothing” when compared to “productive” assets like gold or farms. Buffet also compared cryptocurrencies to the Dutch Tulip Mania.
Gates said that Bitcoin’s price relies on the “greater fool theory” of finding another “fool” to sell to at a higher price. Munger hit below the belt by calling Bitcoin “stupid and immoral” and the equivalent of “rat poison”.
However, another financial titan and former Goldman Sachs President, Gary Cohen, said that he’s “not a big believer in bitcoin”, but is “a believer in blockchain technology”. He added that he thinks there will eventually be a “global cryptocurrency”, but that it won’t be “based on mining costs or cost of electricity or things like that”.
In addition, the famous Gemini exchange founder, Tyler Winklevoss, recently called out Bill Gates to “put [his] money where [his] mouth is” and referenced numerous trading outlets where one can short Bitcoin after Bill said he “would short [Bitcoin] if there was an easy way to do it”. Institutional Money is beginning to venture into cryptocurrencies Despite the big names in finance and tech speaking against crypto, there are signs that institutional investors are venturing into cryptocurrencies.
Dash Force News spoke with Chris Rockwell, founder of RSI Advisors (an investment advisory firm in New Hampshire), about this new trend. Mr. Rockwell said that institutional money has been waiting for two things to happen: “A way to hedge against crypto holdings and qualified custodians to take custody of their crypto holdings. Read more from truthinmedia.com…
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