Microsoft founder Bill Gates and Berkshire Hathaway CEO Warren Buffett attacked Bitcoin last weekend, with Hathaway calling it “rat poison squared” and Gates claiming he would short Bitcoin if he could.
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,” claimed Gates. “I agree I would short it if there was an easy way to do it.”
“Bitcoin and ICOs, I believe completely [they’re some] of the crazier, speculative things,” he continued.
Buffett also attacked cryptocurrency, claiming that the “asset itself is creating nothing.”
“When you’re buying nonproductive 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,” he proclaimed, referring to Bitcoin as “rat poison squared.”
According to CNBC, Bitcoin prices fell to just below $9,200 following the remarks.