Legendary investor and CEO of Berkshire Hathaway Warren Buffett has been a long-time bear on Bitcoin, using strong messages to tell investors that they will lose a great deal of money by sticking with the digital currency. For example, “poison squared,” an expression he used to describe Bitcoin in interview with CNBC last Saturday.
While it’s hard for everyone to debate Buffett, some cryptocurrency experts think that he’s wrong on his assessment of Bitcoin. Darren Marble, CEO of CrowdfundX, is one of them. “Although Warren Buffet has made the right call on many investments, he is dead wrong on Bitcoin, because he is totally clueless to the technology,” says Marble. “How could someone who doesn’t use email possibly appreciate Bitcoin? They can’t.”
Daniel Rice, chief technology officer of Sagewise, is another cryptocurrency expert that takes issue with Mr. Buffett. “We disagree with Warren Buffet that Bitcoin is a zero-sum game,” says Rice.“While it’s true that Bitcoin acts differently from more traditional investments, this is not a negative in our view. Too often traditional investors forget Bitcoin is actually a technology infrastructure.”