CEO of Virgin Galactic: Warren Buffett is wrong about Bitcoin
|Marek Feder|source|525x
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CEO of Virgin Galactic: Warren Buffett is wrong about Bitcoin

Warren Buffett's recent statements about cryptocurrencies have once again caused an outrage in the cryptocurrency world. Buffett described Bitcoin as something of no value, and that its price would naturally go to zero. The reaction of investors and entrepreneurs in this sector was almost immediate.

One of them is Chamath Palihapitiya, the founder and current CEO of Virgin Galactic, who thinks that Warren Buffett's statements about cryptocurrencies, and Bitcoin, in particular, must be taken by investors with a grain of salt. Palihapitiya thinks that despite the investment experience of Buffet, he does not understand how Bitcoin or the cryptocurrency world work. According to Palihapitiya, Warren Buffett's attitude towards cryptocurrencies is completely wrong and his views are outdated.

He was also supported, for example, by Tim Draper, who pointed out that the vast majority of Warren Buffett's investment portfolio was invested in banks and insurance companies. In addition, Draper believes that these types of investments will not succeed in a new, decentralized economy.

In addition, however, Palihapitiya commented on the issued on CNBC as follows: “I recommend each investor to have at least 1% of their portfolio in bitcoin. This digital currency acts as a perfect hedge, as it shows no correlation with any traditional asset, which is fantastic”.

He also said that people should not speculate too much when and for what amount to buy Bitcoin, but try to accumulate it, even if it was only a small investment. Palihapitiya himself believes that the price of the largest cryptocurrency can jump up to $ 1 million per 1 BTC, but he does not expect this to happen in less than 20 years.


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