Bill Gates says he'd bet against Bitcoin

Billionaire investor Warren Buffett says no to Bitcoin. Here's why

For a day, the value of "digital gold" fell by 9% after a sharp statement by the head of Microsoft on CNBC to bitcoin.

Berkshire's Vice Chairman Charlie Munger has referred to bitcoin as "total insanity" and has cautioned would-be investors to avoid it "like the plague". Warren Buffett and Bill Gates are claiming that the cryptocurrency markets are colliding with the basics of investing.

"It's buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else, will grow".

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"Bitcoin and ICOs, I believe completely [they're some] of the crazier, speculative things", Gates said.

The price of bitcoin teased $10,000 in trading Monday in what might be the start of a new bull run following a spate of both good and bad news surrounding the cryptocurrency.

Microsoft co-founder Bill Gates, meanwhile, kicked off the week by telling CNBC that he was also sceptical about Bitcoin. "It's kind of a pure "greater fool theory" type of investment", Gates noted. "In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Munger said.

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On the eve of the well-known investor, Warren Buffett called bitcoin "rat poison in the square". What Buffett means is that if you purchase bitcoin, you will never be able to produce anything of value from it.

Renowned as the "Oracle of Omaha", Buffett expressed his skepticism about cryptocurrency a few years back, describing it as a "mirage". Today, he said, the best companies in China are cheaper as investments than the best companies in the United States.

Unfortunately, the time period of the Gates remarks can be questioned.

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Buffett, who is the CEO of Berkshire Hathaway, has historically been a harsh critic on the cryptocurrency. The recent decline in the value of bitcoin was the first decline in prices in over four days. Buffett said investors would instead be much better off investing in U.S. stocks, which in turn are also a far better investment than 10- or 30-year USA government bonds.

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