the legendary investor Warren Buffett extolled cash rather than “new forms of money,” and said that Berkshire Hathaway, the company in which he is CEO“you will always have a lot of cash on hand”.
Buffett, 91, did not mention the bitcoin (BTC) or others cryptocurrencies as new forms of money, although I have said in the past that they have no value.
“The government of U.S states that this has become exchangeable for legal money in the United States,” Warren Buffett said, showing an image of a $20 bill.
“This, yes, is money”, added the investor. “It could happen that it is worth dramatically less in purchasing power. (…) But when people tell you they are looking for new forms of money, this is the only thing that will pay the bills”.
Warren Buffett Disciple Doesn’t Believe in Bitcoin
In March of this yearthe disciple of Warren Buffett, the also investor Joel Greenblattsaid he has not acquired any bitcoin as he does not believe there can be a smart way to value the cryptocurrency.
For Greenblatt, who is chief investment officer at Gotham Asset Management, “bitcoin will never generate income”.
While participating in a podcast, Greenblatt commented on the largest cryptocurrency on the market.
“For me, [o bitcoin] it’s speculation. There are no smart ways to value it. It has no intrinsic value. It has no income,” he said.
According to Business Insider, Joel Greenblatt achieved returns of 50% between 1985 and 1994, when he ran Gotham Capital. He attributed his success to following the investment philosophies of Warren Buffett and Ben Graham.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
