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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Dave Ramsey Sides With Warren Buffett on Bitcoin — Calls BTC Currency Based on Thin Air
Personal finance expert and best-selling author Dave Ramsey says he agrees with Berkshire Hathaway CEO Warren Buffett regarding bitcoin. Viewing the crypto as a currency whose value is based on “thin air,” Ramsey stressed: “I wouldn’t wish bitcoin investments on somebody I really dislike.” Dave Ramsey on Bitcoin: ‘It’s Still Thin Air’ Personal finance guru […]
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Skybridge Capital’s Anthony Scaramucci on Warren Buffett Buying Bitcoin: ‘Never Say Never’
Anthony Scaramucci, the founder and managing partner of Skybridge Capital, has commented on the potential for Berkshire Hathaway, the holding conglomerate founded by Warren Buffett, to buy bitcoin. While acknowledging Buffett’s negative stance on crypto, Scaramucci believes it’s still a possibility. ‘Never say never,’ stated Scaramucci. Skybridge Capital’s Anthony Scaramucci on Berkshire Hathaway Putting Money […]
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Robert Kiyosaki Shares His Investment Strategy — Says He’s Not Trying to Be Warren Buffett
Rich Dad Poor Dad author Robert Kiyosaki has revealed his investment strategy, emphasizing its divergence from the investment approach adopted by Berkshire Hathaway CEO Warren Buffett. “I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years,” the famous author detailed.
Robert Kiyosaki Differentiates His Investment Strategy From Warren Buffett’s
The author of Rich Dad Poor Dad, Robert Kiyosaki, has outlined his investment strategy, underscoring its divergence from the approach adopted by investing legend Warren Buffett. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki wrote on social media platform X Sunday:
Rather than pretend to be Warren Buffett picking bottoms I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years.
“My first gold coin cost . Today that same coin is worth ,000. You can become rich by being an average investor, using dollar cost averaging to get rich. Take care,” he added. “Gold dropped today. Silver 14 cents. This is where ‘dollar cost averaging’ pays off.”
Buffett is a proponent of value investing. He previously explained that the secret of his investing success is to make “investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers.” The Berkshire Hathaway CEO also previously said: “When buying companies or common stocks, we look for first-class businesses accompanied by first-class management.”
Kiyosaki has been recommending investors buy gold silver, and bitcoin for quite some time. Last week, he said the price of BTC is headed for 5,000 while gold will soon break through ,100 and then take off. In addition, he said silver will increase from to an ounce.
The Rich Dad Poor Dad author has made several predictions regarding the prices of bitcoin, gold, and silver. Back in August, he stated that should a global economic crisis occur, the price of bitcoin would surge to million, with gold reaching ,000, and silver climbing to ,000. In February, he said that the price of BTC is expected to reach 0,000 by 2025, while gold is anticipated to climb to ,000 and silver is projected to reach 0 within the same timeframe.
Unlike Kiyosaki, Buffett is not a fan of bitcoin. The Oracle of Omaha is famous for saying the cryptocurrency is “probably rat poison squared.” He said in April that BTC is a gambling token that doesn’t have any intrinsic value. In May last year, he said he wouldn’t pay for all bitcoin in the world.
What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s investment strategy? Do you prefer to follow Warren Buffett’s value investing strategy? Let us know in the comments section below.
Brit Gets Prison Time for Twitter Hack Impersonating Biden, Buffett in Bitcoin Scheme
A U.K. citizen has been sentenced by а New York court to five years in prison for his role in a Twitter hack including the hijacking of accounts of U.S. political and business figures. The man is also responsible for the theft of large amounts of cryptocurrency in a SIM swap attack.
Hacker Goes to Jail for Breaching Twitter Accounts of U.S. Officials and Business Leaders
A British national got a five-year prison sentence for his involvement in a Twitter hack that targeted the accounts of leading U.S. politicians and businessmen. The hijacking is one of several crimes that he was charged with, including stealing cryptocurrency and cyberstalking victims.
The sentencing comes after Joseph James O’Connor pleaded guilty in New York in May to participating in a number of online schemes including a Twitter hack that led to the impersonation of former U.S. President Barack Obama, President Joe Biden, Amazon founder Jeff Bezos, and billionaire investor Warren Buffett, among others, to advertise a Bitcoin scheme, Bloomberg reported.
The guilty plea followed the extradition of the 24-year-old Brit from Spain in late April. During the sentencing hearing in Manhattan on Friday, O’Connor, who was known online as “PlugwalkJoe,” stated he was ashamed of his deeds.
“I’m sorry to all the victims of my crimes. I’m here because I did stupid and shameful things,” he told U.S. District Judge Jed Rakoff. “I will never break the law again,” O’Connor promised and insisted in the courtroom:
I want to live a life with meaning, not the idiotic, empty, hermit life I was living.
Rakoff said he considered O’Connor’s relatively young age and autism in reaching the five-year sentence while prosecutors had sought seven years. The judge also noted O’Connor will be credited with the 23 months he already served before the sentencing.
The accused also pleaded guilty to stealing over 4,000 from a Manhattan-based crypto company by SIM-swapping some of its executives and agreed to forfeit that amount.
“O’Connor used his sophisticated technological abilities for malicious purposes — conducting a complex SIM swap attack to steal large amounts of cryptocurrency, hacking Twitter, conducting computer intrusions to take over social media accounts, and even cyberstalking two victims,” Manhattan U.S. Attorney Damian Williams was quoted as saying at the time of the guilty plea.
O’Connor also admitted to “swatting” a 16-year-old girl in the summer of 2020 when he was calling the police and claiming she was planning to shoot people and later threatening members of her family. The report detailed he sent similar messages to a high school, restaurant, and sheriff’s department.
What are your thoughts on the case of Joseph O’Connor? Share them in the comments section below.
Warren Buffett Sees ‘No Option’ Other Than US Dollar as Reserve Currency, but Warns Fed Can’t ‘Just Print Money Indefinitely’
Warren Buffett, CEO of Berkshire Hathaway and one of the most renowned investors in the market, stated that he saw no viable option to become the world’s reserve currency besides the U.S. dollar. However, he warned about the dangers that printing too much money could bring to the strength of the currency in the future.
Warren Buffett’s Only Valid Option for Reserve Currency Is the U.S. Dollar
Warren Buffett, CEO of Berkshire Hathaway, also known as the ‘Oracle of Omaha’ due to his city of origin, gave his opinion about the status of the dollar as a reserve currency and how this could change in the future.
During the 2023 Berkshire Hathaway annual meeting, the legendary investor was asked about his thoughts about the process of de-dollarization that world markets are experiencing, with countries like India and Brazil seeking to reduce dollar dependence, and its relation with the U.S. Federal Reserve money printing processes and rising interest rates to control inflation.
Buffet explained that, in his opinion, the dollar was the only candidate to be considered the world’s reserve currency at the moment, but also raised concerns about how much the U.S. Federal Reserve could print without putting this reserve currency status in jeopardy.
The Dangers of Printing Money Indefinitely
Buffett explained that nobody knew the situation better than Jerome Powell, the President of the U.S. Federal Reserve, but added he was not in charge of the fiscal policy of the country.
The Oracle of Omaha warned about the actions of the U.S. regarding printing, stating:
Nobody knows how far you can go with a paper currency before it gets out of control, and particularly if you’re the world’s reserve currency. You don’t want to try and pick out the point where it does become a problem because then it’s all over.
Buffett remarked that when people lose faith in the currency, they behave in an entirely different manner than they do when they put some money in the bank or have a pension plan that will give them something with equal purchasing power. This can create other problems for the economy that Buffett concedes he cannot predict fully.
He concluded his answer reiterating his warning about money printing. He declared:
America is an incredible society, rich; you know, we got everything going for us, but that doesn’t mean we can just print money indefinitely.
What do you think about Warren Buffett’s thoughts on the U.S. dollar as a reserve currency and the dangers of printing money indefinitely? Tell us in the comments section below.
Warren Buffett Likens Bitcoin to Gambling and Chain Letters in Recent Interview
Finance mogul Warren Buffett, one of the most successful investors in history, discussed bitcoin during an interview on CNBC’s Squawk Box on April 12. As he has done in previous interviews, the business magnate likened bitcoin to a gambling scheme and chain letters he received as a child.
Buffett Shares His Two Cents on Bitcoin, Warns Against Making a Living ‘Trying to Bet Against the House’
It is well known that Warren Buffett does not like bitcoin, and he once said that he wouldn’t buy all the bitcoin (BTC) in the world for . Buffett is also known for saying that bitcoin is “probably rat poison squared,” and during an April 12 interview on CNBC’s Squawk Box, he reiterated his distaste for the leading cryptocurrency. During the interview, he summarized bitcoin as a “gambling token,” and he insisted that the world has seen an “explosion of gambling.”
The Oracle of Omaha told CNBC broadcasters that he likes to bet on football games because it “makes it more interesting.” However, he also warned that he doesn’t think he wants “to make a living trying to bet against the house.” Buffett hinted that stimulus checks may have also increased the gambling drive. “You had millions of people who were receiving checks and money, sitting at home and finding out that they could have a roulette wheel in their house,” the investor said. When asked specifically about the leading crypto asset bitcoin (BTC), Buffett said:
Bitcoin is a gambling token, and it doesn’t have any intrinsic value — but that doesn’t stop people from wanting to play the roulette wheel.
In the midst of Buffett’s gambling rhetoric, he also made a comparison to chain letters. Chain letters are messages that were commonly sent through snail mail, encouraging the recipient to forward the message to a certain number of people, promising that they would receive some sort of benefit in return. “I didn’t like chain letters when I was a kid,” Buffett explained to the CNBC show hosts. “I thought, ‘Why in the world would I send along a chain letter — when I could start my own?’”
While the chairman and CEO of Berkshire Hathaway clearly doesn’t like bitcoin, he is known for his aptitude for investing. Berkshire Hathaway owns several well-known businesses, such as Geico, Fruit of the Loom, Duracell, BNSF Railway, See’s Candies, Clayton Homes, Pampered Chef, and Dairy Queen. According to the latest data from companiesmarketcap.com, Berkshire Hathaway (BRK-B) is listed as the eighth-largest market capitalization in terms of assets in the world. Bitcoin (BTC), on the other hand, is the tenth-largest market valuation worldwide according to the same website.
What do you think about Warren Buffett’s stance on bitcoin and gambling? Do you agree or disagree with his perspective? Share your thoughts in the comments below.
Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again
Another week, another round of Crypto Tidbits. Wow, what a past seven days for Bitcoin, cryptocurrencies, and global markets overall.
Bitcoin saw a blood-red week, to say the least, falling from ,000 on Sunday to a low of ~,480 within a few days’ time as buyers failed to keep the asset above the key ,500 support. Altcoins saw an even worst performance, with Ethereum, XRP, Litecoin, amongst countless other top cryptocurrencies plunging 15% as they followed BTC lower.
The crypto market carnage seen over the past week came as global markets, from stocks and commodities, started to crash across the board. The Dow Jones posted its worst point performance in history on Thursday, falling by over 1,000 points as American stocks came under a coronavirus crunch. Gold also fell under ,600, plunging after reaching ,700 as investors tried to leverage the asset as a safe haven.
The fact that effectively all assets fell this week was a sign to some investors that Bitcoin and crypto’s weakness may be only temporary.
Indeed, due to the potentially flagging U.S. economy caused by a decrease in consumption and industrial activity because of coronavirus fears, the Federal Reserve has hinted that it may cut interest rates in the near future, adding to Bitcoin’s bull case.
Aside from the tumultuous market, the underlying cryptocurrency industry saw an equally as tumultuous week, with there being a number of news stories showing the growth and adoption of these technologies, though others casting light on issues within this space.
Related Reading: Crypto Tidbits: Bitcoin Plunges to ,500, m BCH SIM Swap, IRS Focused on Cryptocurrency
Bitcoin & Crypto Tidbits
Top Bitcoin Exchange Bitfinex Hit With DDoS Attack Just a Day After OKEx: On Friday morning, leading crypto platform Bitfinex began “investigating what seems like a distributed denial-of-service” attack (DDoS) attack on its exchange. Data from the site showed that the site response time and data throughput started to vary dramatically at 6:40 am GMT, eventually reaching a point where the site crashed around 8:00 am GMT, spurring the exchange to respond. About an hour after it began investigating the attack, services for the exchange came back online. This came a day after OKEx, one of the largest Bitcoin exchanges in Asia, reported a DDoS attack that didn’t affect any users. OKEx’s CEO accused a “competitor” of launching the attack.
Services on the Bitfinex platform have resumed. We implemented a stricter protection level as a result of our platform coming under a Distributed Denial-of-Service (DDoS) attack. All issues relating to the DDoS attack have now been resolved.
— Bitfinex (@bitfinex) February 28, 2020
Warren Buffett Bashes Bitcoin & Crypto Yet Again, Even After Tron CEO’s Dinner: In an interview with CNBC, Berkshire Hathaway CEO Warren Buffett said that he will never own cryptocurrency, adding that digital assets, Bitcoin included, has no inherent value: “Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: zero.” This comment from Buffett regarding Bitcoin is reminiscent of his previous statements on the matter, such as when he called the cryptocurrency “rat poison squared” and saying that the asset has not much more value than a suit button. While Buffett’s words hold weight in public circles, not everyone in the crypto space is convinced that what he has to say about Bitcoin is relevant, despite him being a legendary investor. Industry investor Anthony Pompliano explained that “I really don’t take technology advice from somebody who uses a flip phone or doesn’t use email.”
Simpsons Talked About Crypto in Sunday’s Episode: On Sunday’s episode of The Simpsons — dubbed “Frinkcoin” because the episode’s A-plot centered around a cryptocurrency built by character Professor Frink — the show makers included a two-minute segment of a Simpsonified Jim Parsons, the actor behind The Big Bang Theory‘s Sheldon Cooper, discussing cryptocurrency. During Parsons’ explainer, a few key topics were mentioned: how blockchain underpins Bitcoin (and other crypto assets) and how the ledger works, including the distribution of nodes/ledgers and how blocks are added to the chain). This writer noticed some, say, shortcomings in the script, but he can give it a pass.
G20 Advises Crypto Crackdown: According to an official G20 communique published this week, the finance ministers and central bankers of the group want member countries to implement the “recently adopted FATF standards on virtual assets and related providers.” The guideline suggests that all entities dealing with cryptocurrency should be actively collecting the customer information of those involved in transactions. The FATF advises the collection of data including the name of the transactor, their location, and the name of the beneficiary of the transaction.
Ripple Secures Partnership: Announced in a blog post published Wednesday, Ripple’s partnership with Azimo will see the latter company use On-Demand Liquidity (ODL) as a “part of its remittance capabilities into The Philippines,” with plans to expand the use of the solution in the future.
Featured Image from Shutterstock
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Billionaire Buffett Vows He Will Never Own Cryptocurrency
The post Billionaire Buffett Vows He Will Never Own Cryptocurrency appeared first on DCEBrief.
Warren Buffett Admits He Doesn’t Hold Bitcoin, Tron or Any Crypto
Even a .5 million charity lunch was not enough to turn benchmark investor Warren Buffett into a crypto enthusiast.
The chairman and CEO of Berkshire Hathaway, who in 2018 compared the top cryptocurrency bitcoin to rat poison, stayed unflinchingly skeptic about the cryptocurrency three years later. He told CNBC that he still sees cryptocurrencies as assets that have no value, noting that they don’t produce anything meaningful.
“What you hope is that someone comes along and pays you more money for [bitcoin],” said Mr. Buffett. “But then that person has got the problem. But in terms of value, you know zero.”
“I don’t own any cryptocurrency. I never will,” Warren Buffett tells @BeckyQuick. #AskWarren https://t.co/0VjIDJSi7L pic.twitter.com/il4cT2hWkP
— CNBC (@CNBC) February 24, 2020
Where’s My Tron?
The comments appeared two weeks after Justin Sun, the founder of popular blockchain project Tron, sat with Mr. Buffett for a charity lunch. The meeting also saw the presence of other crypto bigwigs, including Litecoin founder Charlie Lee, eToro CEO Yoni Assia Huobi CFO Chris Lee, and the head of the Binance Charity Foundation, Helen Hai.
Enthusiasts considered the lunch as some kind of a milestone, weighing hopes on Mr. Buffett’s potential endorsement of the cryptocurrencies. However, the legendary investor said that he sees Bitcoin and other cryptos as a store of fear, not a store of value.
Mr. Sun, on the other hand, claimed that he has given Mr. Buffett some of his Tron tokens. But with the investor now refusing to hold any crypto, Mr. Sun’s claim appears to be falling flat.
“Given that Justin Sun claimed to give him TRON, he either threw away the private key or he’s too embarrassed to say he owns some TRON,” commented Larry Cermak, the director of research at the Block.
Crypto Tokens Swelling, Albeit
Mr. Buffett is not alone in his criticism of Bitcoin, Tron, and other crypto tokens. Prominent economist Nouriel Roubini and Robert Shiller, business tycoon Bill Gates, as well as fund managers Howard Marks and Ray Dalio, are among the few that have questioned cryptocurrencies over their legitimacy as a valuable asset.
Nevertheless, the crypto sector has attracted support from the likes of Jack Dorsey, the CEO of social media giant Twitter, as well as Tyler and Cameron Winklevoss, mostly credited as the original ideators of Facebook, now the heads of Gemini, a US-based crypto exchange.
But with or without the support of bigwigs, the crypto sector is growing at a rapid rate. That is visible in its overall market capitalization that has grown from 6 billion in December 2019 to 8 billion at the time of this writing.
Part of the industry’s gains has followed growing concerns about the Coronavirus outbreak in China, coupled further with central banks’ easing policies around the world. According to economist and CEO of Global Macro Investor Raoul Pal, bitcoin could play a significant role in offsetting global risks.
And $BTC #Bitcoin is doing its job of suggesting an alternative system is gaining in probability (it trades like call option on a new system, in my mind). The price moves are so ENORMOUS (and thus the increase in probabilities are so FAST) that you have to use log charts… pic.twitter.com/ug5bb7P3Lf
— Raoul Pal (@RaoulGMI) August 7, 2019
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