Buffett and Gates slam bitcoin for being a non-productive investment

Buffett and Gates slam bitcoin for being a non-productive investment

At a time when Bitcoins and other cryptocurrencies have witnessed a gradual decline after last year's high, Buffett suggested that buyers of Bitcoin "thrive on hope" that they will find other people who pay more for it.

Aside from Bitcoin, Gates also singled out ICOs as some of the riskiest and speculative bets available to the public.

Over the past few weeks, Bitcoin and other cryptocurrencies have actually performed really well over the past few weeks, but have fallen once again after these comments were released. At the time of writing this article, Bitcoin was trading at $9,400.54 or Rs 6,31,391.97.

"As an asset class, you're not producing anything and so you shouldn't. [Bitcoin and cryptocurrencies] are kind of a pure 'greater fool type of investment", Gates added.

On Monday, May 7, 2018, Bill Gates stopped by the squawk Box of CNBC with some strong words for digital currencies and those that believe it has the power to change the world.

Congo health ministry confirms 2 cases of Ebola
The last outbreak, which occurred in the northern Bas Uele province, reported eight cases with four deaths, according to the CDC . The 2014-15 outbreak was the largest, mainly affecting three countries in west Africa: Guinea , Liberia and Sierra Leone .

Showing his concern about the threat to the insurance industry, CEO of multinational conglomerate Berkshire Hathaway Warren Buffett has said that cybersecurity risks will get worse in the years to come. "It's the consumer behavior with the product, what they do with it, how it becomes part of their lives, that I observe and primarily reason from", Buffett said.

In his joint interview with legendary investor and CEO of Berkshire Hathaway Warren Buffett and the company's vice chairman Charlie Munger for CNBC, he expressed his view on the nature of Bitcoin and its future.

"The fact that it's clever computer science doesn't mean it should be widely used", Berkshire's Charlie Munger says of bitcoin. He argued that trading or investing in cryptos is "just dementia". Munger has already qualified Bitcoin as "poison" and "noxious" in the past and had emphasized that what drives investors in, is nothing but trying to earn "easy money".

He said he believed that cybersecurity incidents would rise and with it the potential to significantly harm the insurance industry.

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