Warren Buffett, Chairman and CEO of Berkshire Hathaway, makes his way to a morning session at the Allen & Company Sun Valley Conference. Buffett once referred to Bitcoin as “rat poison squared” and has said he wouldn’t spend $25 on all the Bitcoin in the world combined. KEVIN DIETSCH/GETTY IMAGES.
Morgan Creek Capital Management CEO and founder Mark Yusko is a firm believer in the future of Bitcoin and has choice words for crypto critics like Warren Buffett.
Yusko started buying Bitcoin in 2018. Today, he predicts Bitcoin could hit six-figures in 2024 and increase substantially in the future. But it took awhile to convince other investors that there was value in the leading cryptocurrency, and it wasn’t just used by criminals.
In an interview on “The Raz Report,” Yusko praised Buffett as a “mad genius,” but didn’t hold back when asked why Buffett is against Bitcoin.
“Buffett was able to create an investment vehicle that doesn’t ever pay taxes and borrows money from his customers at negative rates,” said Yusko.
“Buffett has built his empire in fiat currency and the rise of Bitcoin is a risk to that,” said Yusko
For the same reason, Buffett doesn’t like gold, he doesn’t like Bitcoin — it’s the antithesis of everything he’s created and a store of value.
“The reason Warren wants to piss on Bitcoin is Bitcoin threatens the $7 trillion a year trust industry,” said Yusko , citing how a large portion of Buffett’s portfolio is in banks and financial companies that win from fiat currency and the devaluation of the U.S. dollar.
Yusko said the government has devalued the U.S dollar and created inflation with a reverse Robin Hood method of stealing from the poor and giving to the rich.
In the future, Yusko sees Bitcoin replacing gold and the blockchain having truth that replaces trust with verifiable transactions that can’t be changed or manipulated.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Miriam Onyango and Newsdesk Manager
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