In his recommendation Buffett was very clear and he said people should "Get away from him!". Among other thing he called the fame around Bitcoin an illusion, but not because of recent security vulnerabilities that led to looting and the collapse of the stock market. The reason for Buffett's distrust in Bitcoin is that there is no any real value behind it. He looks at virtual currencies as a means of payment, rather than a currency.

He said it is funny that cryptocurrency has its own intrinsic value, and compared it to checks which are also a means of payment, but they don't are not really valuable. According to data from the last year, Buffett's fortune amounted to 58.5 billion U.S. dollars.

Tell us what you think in our Forum