Warren Buffet sees value in blockchain, but not the same to be said about bitcoin

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Warren Buffett has a much better opinion on blockchain technology rather than bitcoin.

Chairman and CEO of Berkshire Hathaway did not budge from his point of view of bitcoin being a delusion, “It’s ingenious and blockchain is important but bitcoin has no unique value at all.”

“It doesn’t produce anything, you can stare at it all day and no little bitcoins come out or anything like that.”

 “People get their hopes up that something like that is going to change their lives, and it’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create them as you go along and all that sort of thing but it doesn’t, the function … blockchain does not depend on bitcoin.”

Last May, he referred to bitcoin as “rat poison squared,” noting that it was a “non-productive asset” during the annual Berkshire shareholder meeting.

Like Buffet, JPMorgan Chase CEO Jamie Dimon has also been a critic of bitcoin, famously referring to it as a “fraud”, however, its unclear how Buffet feels about JPMorgan Chase’s new cryptocurrency the JPM coin which is pegged against the greenback.



Source: Smart Trend Team