The price of bitcoin took a dive after Warren Buffett renewed his criticism of the cryptocurrency — even comparing it to rat poison. Bitcoin had been closing in on $10,000, but it fell nearly 6% Sunday and was down another 2% Monday to just over $9,300.
Buffett, the CEO of Berkshire Hathaway (BRKB), has been a bitcoin bear for years. He has often compared the cryptocurrency to gold, saying that both assets are strictly speculative and don’t produce earnings and dividends like stocks do.
Related: Warren Buffett is not too worried about a trade war Before the Berkshire annual meeting on Saturday, Buffett told CNBC that bitcoin was “probably rat poison squared.” During the meeting itself, Buffett joked that “if you had bought gold at the time of Christ and you figure the compound rate on it, it’s a couple tenths of a percent.”
What Buffett was saying about bitcoin was that you can buy it, but it will never produce anything of value. He also responded to a question from the audience about bitcoin by saying that it and other crytpocurrencies “will come to bad endings.”
Berkshire vice chairman and longtime Buffett confidant Charlie Munger was even more blunt. Related: Here is what happened at this year’s Woodstock of capitalism “I like cryptocurrencies a lot less than you do,” Munger said to Buffett. Read more from money.cnn.com…
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