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Warren Buffet: Bitcoin is 'Rat Poison Squared'

It is no secret that Warren Buffett, the oracle of Omaha, is not a fan of bitcoin. Yet, the cryptocurrency surged from $17,500 on December 11 o $29,500 on December 31. So reports the USA Herald.

bitcoin 2007769 1280Despite all this, Buffet has characterized Bitcoin as “a rat poison squared” and said it will result in a “bad ending.” He dislikes Bitcoin because it doesn’t create anything.

“When you’re buying non-productive assets all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along,” Buffett said. “Bitcoin itself is creating no value at all.”

Many billionaires and investors do not agree with Buffett. Ricardo Salinas Pliego, who is the second richest man in Mexico, characterizes Bitcoin as his best investment. Billionaire venture capitalist expects Bitcoin to rocket to $1 million per coin in the next 20 years.

Read the full article from the USA Herald.

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