Warren Buffett says economy remains strong

Warren Buffett says economy remains strong

Warren Buffett says economy remains strong

Billionaire investor Warren Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are doubling down on slamming bitcoin by comparing the cryptocurrency to "rat poison" and "turds".

Bitcoin had been closing in on $10,000, but it fell almost 6% Sunday and was down another 2% Monday to just over $9,300.

After first investing in Apple in 2016, the iPhone maker is now the largest holding of Buffett's Berkshire Hathaway, which owns a staggering 250 million Apple shares, Buffett said Saturday. "It's one of the crazier speculative things, where as an asset class, you're not producing anything, so you shouldn't expect it to go up".

Buffett, 87, and Munger, 94, spoke two days after they presided at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people.

During the meeting itself, Buffett joked that "if you had bought gold at the time of Christ and you figure the compound rate on it, it's a couple tenths of a percent".

Buffett told CNBC that the reports he gets from Berkshire Hathaway's many businesses show that the economy is doing well. "It will come to a bad ending".

"I like cryptocurrencies a lot less than you do", Munger said to Buffett. "I just know it will happen".

Of course, if Gates really wanted to short bitcoin, he has a variety of options.

As if Buffett's tirade were not enough, Munger ripped cryptocurrencies even further.

He first called bitcoin a "mirage" in 2014 - back when it was trading for about $600.

Apple's buybacks also mean that Berkshire Hathaway, which owns roughly 5% of Apple's outstanding shares, could end up owning a larger percentage chunk of the tech company in the future-simply because there will be fewer shares left after Apple buys them up.

That's why some cryptocurrency experts think that investors should ignore Buffett's and Munger's repeated bitcoin bashing. Even if he doesn't feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps even Goldman Sachs' new bitcoin derivatives product.

"Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world?"

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