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Legendary investor Mr. Warren Buffet had recently stated that he would never invest in cryptocurrencies as he was so certain about the cryptocurrencies would come to a bad end.
Warren Buffett slammed cryptocurrencies as speculative, dangerous investments. Amid criticizing bitcoin, the fellow billionaire Elon Musk confronts Buffett during the latest Tesla quarterly earnings meeting, where he elucidated he doesn’t reckon in “moats,” which is quite often endorsed by the Oracle of Omaha.
He also mentioned: “I think moats are lame. They are like nice in a sort of quaint, vestigial way. If your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation that is the fundamental determinant of competitiveness.”
Buffett in reply to that statement and on last weekend retorted by adding a caution that Musk has to abstain from his moated ventures. “I don’t think he’d want to take us on in candy,” he replied, referring to Berkshire-owned See’s Candies – Buffett’s often cited example of a business with a deep moat around it.
The realistic motivation for Iron Man perceived Buffett’s cautionary statement as a challenge and instantly proclaimed by tweeting he intends to launch a new candy company to deal with Berkshire’s moat, and just to spike the ball he is going to call it “Cryptocandy”.
Well, there have been several cases when Warren Buffett went wrong as well in predicting right stocks for his portfolio over the years, in spite of veteran’s investment expertise.
Amid all these speculative commentaries, bitcoin has been trading at $9323 levels bouncing back from the recent lows of $9182.70 levels.
Currency Strength Index: FxWirePro's hourly BTC spot index has shown -173 (which is bearish), while hourly USD spot index was at -4 (neutral) while articulating at 06:40 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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