Warren Buffett, chairman and CEO of Berkshire Hathaway, asserts that there is currently no viable alternative to the U.S. dollar as the world’s reserve currency, suggesting that U.S. debt will remain acceptable “for a very long time.” Berkshire currently sits on a cash pile of 8 billion, which Buffett views as “quite attractive.” Insights From […]
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Skybridge Founder Insists It’s ‘Still Very Early’ to Buy BTC — Sees Bitcoin as the New Berkshire Hathaway
Skybridge Capital founder Anthony Scaramucci has insisted that it is “still very very early” to buy bitcoin. He likened the cryptocurrency to Warren Buffett’s company, calling it the “Berkshire Hathaway of the 21st century.” He opined: “It was never ‘too late’ to buy Berkshire stock. It is still very very early for bitcoin.” ‘Bitcoin Is […]
Bitcoin News
Bitcoin Taps $44,000, Surpassing Meta and Berkshire Hathaway in Market Capitalization
On Tuesday, bitcoin’s price soared past the ,000 mark, peaking at ,011 per unit. In the last month, the leading cryptocurrency by market capitalization has seen a surge exceeding 24%, and 17% in just the past two weeks.
BTC Breaks Through K Barrier, Reaching Peak Levels Since Pre-Terra Crash
This week, bitcoin has been on a remarkable ascent, escalating 14% against the U.S. dollar. On December 5, Tuesday, BTC achieved a zenith of ,011 at 12:15 p.m. Eastern Time. Currently, BTC’s trading volume stands at .68 billion, a figure that is twice as high as the previous day’s. The trading range for bitcoin during the day fluctuated from ,453 to a little over ,000.
The value of BTC hasn’t reached these heights since April 6, 2022, before the Terra market collapse. Despite a trading volume of billion, BTC’s dominant trading pairs are USDT, FDUSD, USD, USDC, and KRW. Today’s top exchanges for global BTC trading volume include major platforms like Binance, Kraken, Coinbase, and Bitfinex.
BTC’s trading volume on Tuesday ranks second, trailing only behind the stablecoin tether (USDT). The recent surge in crypto prices has led to the liquidation of 0 million in shorts over the last 24 hours. Of these, approximately .34 million originated from bitcoin (BTC) short positions. The ascendancy of this crypto asset has propelled its market dominance to 51.3% amidst a combined value of over .65 trillion across more than 10,000 assets.
Moreover, bitcoin has eclipsed the market capitalization of Meta, following its overtaking of Berkshire Hathaway’s total valuation. This latest price increase positions BTC as the ninth-largest asset in terms of market valuation, a list that includes companies, precious metals, and exchange-traded funds.
What do you think about bitcoin tapping the K mark on Tuesday? Let us know what you think in the comments section below.
Bitcoin Soars to Become 11th Largest Global Asset, Nearing Berkshire Hathaway’s Valuation
The value of bitcoin (BTC) climbed over 38% against the U.S. dollar in the past six months, registering a 125% increase year-to-date. Riding high at a peak not seen in 18 months, bitcoin’s market capitalization has ascended to become the eleventh-largest among global assets. This ranking includes an array of assets such as precious metals, exchange-traded funds (ETFs), and corporate valuations.
Bitcoin’s Market Cap Hits 11th Worldwide
Bitcoin has experienced substantial growth throughout 2023, with its price increasing by 6.5% in the past week alone. Currently, BTC boasts a market valuation of approximately 6.95 billion, with trading prices hovering just above the ,000 mark.
As the leading cryptocurrency in market capitalization, BTC commands a 49% share of the .4 trillion crypto economy. As of Friday, November 10, BTC holds the eleventh position among the largest global assets by market valuation.
The digital currency is just above Tesla’s market cap which stands at 7.50 billion, however, it is also below Berkshire Hathaway’s valuation of 7.56 billion. Another billion added to BTC’s market cap would push it over the valuation of Berkshire Hathaway.
BTC’s market cap is also above assets like Visa, TSMC, Walmart, and JPMorgan Chase. The other nine assets above both Berkshire and BTC include Meta, Nvidia, Silver, Amazon, Google, Saudi Aramco, Microsoft, Apple, and Gold.
Gold’s market cap of .876 trillion is approximately 17.72 times bigger than bitcoin’s market cap. Apple’s market cap of .836 trillion is approximately 3.9 times bigger than bitcoin’s valuation.
To match gold’s market cap of .876 trillion, a single bitcoin (BTC) would need to be priced at approximately 9,016 per coin. This would represent a percentage gain of about 1,681.13% from its current price of just above ,000.
In order to reach Apple’s market cap of .836 trillion and take the second position, a single bitcoin would have to be valued at approximately 5,151. This would result in a percentage gain of about 292.30% from the current price of ,000.
With a 0 billion market cap, the second-largest crypto asset by valuation, ethereum (ETH), is the 38th in terms of its position among global assets. Ether’s market cap is just above Costco’s and just below Toyota’s market valuation on Friday.
What do you think about bitcoin (BTC) becoming the 11th most valuable asset worldwide? Share your thoughts and opinions about this subject in the comments section below.
Berkshire Vice Chair Charlie Munger Compares Bitcoin to a ‘Stink Ball’ Among Traditional Currencies
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says he is concerned when the price of bitcoin rises. The 99-year-old compared the cryptocurrency to a “stink ball” among traditional currencies. “When you start creating an artificial currency, you’re throwing your stink ball into a recipe that’s been around for a long time, that’s worked very well for a lot of people,” the executive said.
Charlie Munger Sees Bitcoin as a Stink Ball
Berkshire Hathaway Vice Chairman Charlie Munger took a swipe at bitcoin again in an interview with the Wall Street Journal on Friday. One of the questions posed to the 99-year-old was whether he is worried about the recent surge in the price of bitcoin.
“Of course it concerns me,” he replied. “I have a lot of very simple fundamental ideas that I think every educated person ought to have. Those ideas include what Adam Smith taught everybody … In order to get the Smithian results, you need a currency to facilitate exchanges. And to make the currency respected widely, the trick we’ve used is the sovereign issues it.”
Munger added: “The only way to get from hunter-gathering to civilization that we know of that’s ever worked is to have a strong currency. It can be seashells, it can be corn kernels, it can be a lot of things. It can be gold coins, it can be promises in banking systems like we have in the United States and England and so on.” The Berkshire executive stressed:
When you start creating an artificial currency…you’re throwing your stink ball into a recipe that’s been around for a long time, that’s worked very well for a lot of people.
Munger has long been a vocal critic of cryptocurrencies, particularly bitcoin. Last month, the Berkshire executive warned that most crypto investments will go to zero, noting that bitcoin was the “stupidest investment” he ever saw.
He previously called BTC “rat poison” and likened its trading to “trading turds.” In February, he said: “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.”
In July last year, he said he won’t touch crypto, advising everybody to “avoid it as if it were an open sewer full of malicious organisms.” He also likened crypto to “a venereal disease” and advocated for governments to ban them. Moreover, he wished crypto had “never been invented,” stating: “The whole damn development is disgusting and contrary to the interest of civilization.”
What do you think about Berkshire Vice Chair Charlie Munger comparing bitcoin to a stink ball among traditional currencies? Let us know in the comments section below.
Berkshire Vice Chair Charlie Munger Warns Most Crypto Investments Will Go to Zero
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his belief that the majority of cryptocurrency investments will become worthless. Regarding bitcoin, the executive opined: “That was the stupidest investment I ever saw.”
Charlie Munger Continues to Slam Crypto
Berkshire Hathaway Vice Chairman Charlie Munger expressed criticism toward cryptocurrencies once again during an appearance at Zoom’s Zoomtopia conference on Thursday.
“Don’t get me started on bitcoins. That was the stupidest investment I ever saw,” Munger exclaimed when he was asked about his outlook for bitcoin and other cryptocurrencies. He also predicted:
Most of those investments are going to zero.
The Berkshire executive has long been a vocal critic of cryptocurrencies. He previously called bitcoin “rat poison” and likened its trading to “trading turds.” In February, he said: “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.”
In July last year, he said he won’t touch crypto, advising everybody to “avoid it as if it were an open sewer full of malicious organisms.” He previously likened crypto to “a venereal disease” and advocated for governments to ban them. Moreover, he wished crypto had “never been invented,” stating: “The whole damn development is disgusting and contrary to the interest of civilization.”
Like Munger, Buffett is also skeptical of bitcoin and other cryptocurrencies. After calling BTC “rat poison squared,” the Berkshire chairman and CEO compared bitcoin to a “gambling token.” In May last year, he said BTC “doesn’t produce anything,” emphasizing: “If you told me you own all of the bitcoin in the world and you offered it to me for , I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”
What do you think about Berkshire Hathaway Vice Chair Charlie Munger’s view of bitcoin and other cryptocurrencies? Let us know in the comments section below.
Millennials Trust Bitcoin More than Warren Buffett’s Berkshire Hathaway
An average investor reaching young adulthood in the 21st-century trusts bitcoin more than a three-decade-old bullish stock.
So it says in a recent study conducted by Charles Schwab. The U.S.’s thirteenth largest banking firm studied millennial investors’ self-directed portfolios for the year 2019. It found that a majority of them had more exposure to a young bitcoin trust than the mighty Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A).
Grayscale, as the study revealed, surpassed the traditional stock with its over-the-counter, publicly-listed fund that holds bitcoin. Under the ticker GBTC, the fund registered profits of around 119 percent on a year-to-date basis. In comparison, Berkshire delivered a dwarfed 11 percent profit to its investors.
GBTC returns 119 percent gains in 2019 | Source: TradingView.com
The study further noted that GBTC remained absent in the list of top 10 investments picked by boomer investors. At the same time, Berkshire made it to the reputed index alongside Apple and Amazon stocks.
Generation Y Up for Bitcoin
Charles Schwab’s revelations closely followed what a survey conducted by Blockchain Capital had found in April 2019: That 27 percent of investors aged between 18 and 34 would purchase bitcoin over traditional stocks.
At the same time, 40 percent of participants found bitcoin more attractive than government bonds. 22 percent of them said they would buy the cryptocurrency instead of gold.
Another study conducted by Adamant Capital had concluded that millennials are the key factor behind bitcoin’s growth in the last decade. The Texas-based investment management noted that young investors would likely remain exposed to offbeat cryptocurrencies in the long run.
The least talked about but most important point is that Bitcoin is part of a broader social movement catalyzed by the global macro environment, political tensions and a coming of age millennial generation. Mark’s critique of the pitch is spot on imo https://t.co/nZcNUHp33m
— Phil Bonello (@PhilJBonello) December 13, 2019
Criticism
Not everybody agrees with the potential of bitcoin in assisting millennials to grow their wealth.
Certain traditional investors, including popular gold bull Peter Schiff, think the cryptocurrency will leave young investors in heavy losses – and that they should not flow with its ongoing hype-current.
“The good news is that all the Millennial Bitcoin hodlers who are about to get wiped out in Bitcoin are still young enough to make their money back,” Schiff tweeted. “They will also have a lifetime to benefit from the wisdom that comes from losing money and [learning] from your mistakes.”
But popular market analyst Rhythm Trader, a millennial himself, thinks otherwise.
The trader said his generations’ first impression of the legacy financial system was 2008’s economic crisis. He cited it as the core reason why bitcoin is poised to become the beneficiary of the so-called “Great Wealth Transfer.” Excerpts from his note:
“Millennials have demonstrated a strong trend of embracing the digital age with open arms while at the same time turning their backs towards the traditional financial system.”
Going by Charles Schwab’s latest study, the “Wealth Transfer” is taking place. Watch out, dear Buffett! The post appeared first on NewsBTC.
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Rat Poison? Millennial Investors Prefer Bitcoin To Buffett’s Berkshire Hathaway
Bitcoin has in the past been called a Ponzi scheme, a scam, a tool for money laundering and criminal activities, and even has been dubbed rat poison by the Oracle of Omaha himself, Warren Buffett.
But that “rat poison” is a more sought after investment in millennial investors than the Buffett-backed Berkshire Hathaway, and many other top stocks.
Bitcoin Outranks Traditional Stocks In Millennial Investors
Cryptocurrencies like Bitcoin , Ethereum, Ripple, and thousands and thousands more, are an emerging asset class that despite being new, untested, and unproven, are a more appealing investment to millennial investors than many of today’s top-performing stocks.
Related Reading | Bolster Your Personal Opsec With This Crypto Investor Checklist
According to a new report from brokerage firm Charles Schwab, it shows how the Grayscale Bitcoin Trust from Grayscale Investments stacks up against the likes of Netflix, Walk Disney, Microsoft, and Warren Buffett’s Berkshire Hathaway.
The study surveyed a number of millennials, gen Xers, and baby boomers, and found that of the millennial subset, Grayscale’s Bitcoin Trust received more inflow than Walt Disney, Microsoft, Netflix, Alibaba, and Berkshire Hathaway.
The only traditional stock investments that outshined Bitcoin in millennial investors, were Facebook, Tesla, Apple, and Amazon. Bitcoin was nowhere to be found within the top-ranked investments in gen X or baby boomer groups.
Why BTC And Not Netflix, Microsoft, and Other Traditional Assets?
But why Bitcoin and not less-risky stocks or other traditional investments? Millennials were raised alongside the emergence of the internet, and are far more tech-savvy and open to advancements in technology, allowing them to adapt to changes faster than their older counterparts.
Millennials also watched and witnessed the wealth generated during the dot com boom, but were too young to participate. Many of them refuse to miss out on what may be as revolutionary and disruptive of a technology – potentially even more so.
Lastly, millennials have developed distrust in modern governments and the fiat currencies issued by them. Debt is skyrocketing, and the global economy teeters in the balance being grossly mismanaged by world leaders.
This distrust in governments and power-controlling individuals has caused millennials to lean toward trustless, decentralized technologies that remove the need for a controlling third-party. Bitcoin is this, but for money – which makes the entire world go round.
Related Reading | Logarithmic Growth Curve Charts Bitcoin Price At 0K in 2028
Because Bitcoin has such potential, millennials investors are willing to risk it all on the crypto asset, in hopes of not only becoming rich but ushering in the future of money as we know it. And with Bitcoin price predicted to reach over 0,000 to as much as million per BTC, it could create an entirely new generation of wealth.
Featured image from Shutterstock
The post Rat Poison? Millennial Investors Prefer Bitcoin To Buffett’s Berkshire Hathaway appeared first on NewsBTC.
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