Warren Buffett Just Obliterated Bitcoin in Four Words

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The mystique behind the cryptocurrency has caused its price to surge, said Buffet.

Billionaire investor Warren Buffett has dubbed Bitcoin "rat poison", despite admitting that he doesn't understand how to use his iPhone. "You look at the investment itself to deliver the return to you", Buffett said at the time.

While Warren Buffett and Charlie Munger remain avowed crypto sceptics, Mr. Draper, PayPal co-founder is so confident in the future of crypto that he has set a $250,000 bitcoin price target for 2022. He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".

Roughly 40,000 people attended Berkshire Hathaway's annual meeting on Saturday.

Buffett says most of Berkshire's businesses are hiring, and several of them are having trouble finding workers.

Warren Buffett left no doubt about his vast skepticism of Bitcoin and other digital assets.

Warren Buffett Wants More Apple Shares and Praises the Company's Buybacks
But operating earnings for the quarter rose to USD5.29 billion from USD3.56 billion in the previous year. Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock Inc.

Gates, too, weighed in on the issue on Monday, telling CNBC that bitcoin is "one of the crazier, speculative things" he's seen, saying he would "short it if there was an easy way to do it".

And Mr. Buffett predicted "bad endings" for cryptocurrencies, such as bitcoin, and said long-term USA government bonds were a awful investment because inflation would consume their returns.

Buffett revealed last week Berkshire had bought about 75 million additional Apple Inc shares in the first quarter, adding to the 165.3 million it already owns. Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock Inc. When I buy Apple, I know that Apple is going to repurchase shares.

Separately, Berkshire reported a first-quarter net loss of US$1.14bn because of a change this year in Generally Accepted Accounting Principles that now requires the company to include the changes in unrealized gains and losses of its equity security investments as a component of investment gains and losses in its earnings statements. "We own about 5 percent", he said.

Mr. Munger's criticisms of the healthcare system come as Berkshire Hathaway partners with Amazon and JPMorgan in an effort to lower healthcare costs for their employees.