Bitcoin's reach toward $10,000 over the weekend was once again cut short-falling to $9,300 on Monday.
The latest setback for Bitcoin stems from Berkshire Hathaway CEO Warren Buffett, who maintained his criticism of the digital asset yesterday, claiming that Bitcoin as an asset is creating nothing.
"According to Bill Gates, "[he] would short it if there was an easy way to do it..." providing one of the most bearish statements we've seen from the Microsoft founder and Berkshire directors thus far.
Buffett, a longtime cryptocurrency bear, took time during the meeting to bash bitcoin as "rat poison squared", a sentiment his vice chairman Charlie Munger later expounded upon in vivid language. "To me, it is simply dementia". It's like somebody else is trading turds and you decide you can't be left out.
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He has previously referred to bitcoin as a bubble and not an investment.
He first known as bitcoin a "mirage" in 2014 - again when it was buying and selling for about $600. So even with the recent pullback, bitcoin has drastically outperformed the broader market, not to mention Berkshire stock and top Berkshire holdings like Apple.
Buffett has also sworn that he will never buy cryptocurrencies, saying he does not understand the asset.
"What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency", Nigel Green, CEO of financial consulting firm deVere Group, wrote in a report early Monday.
What other questions do you have about crypto?
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