If Billionaire Investor Warren Buffett Ever Buys Bitcoin You Should Probably Sell – Forbes

Warren Buffett, the legendary investor known as the Oracle of Omaha, isn't a fan of bitcoin, previously branding it "rat poison" and a "mirage."

This week, Buffett, 89, who built his fortune and career betting on well-performing stocks, promised he would "never" own bitcoin or any other cryptocurrency as they have "no value"despite the combined cryptocurrency market boasting a market capitalization of over $260 billion, double where it was this time last year.

Bitcoin's epic 2017 bull run and subsequent crash, which saw the bitcoin price soar around 2,000% in under 12 months and catapulted it into mainstream consciousnesses, was fueled by so-called fear of missing outand if aging investors like Warren Buffett ever admit to buying bitcoin you should probably take it as a sign the crypto market is again getting overheated.

Billionaire Warren Buffett, the legendary investor known as the Oracle of Omaha, has previously ... [+] invested in game-changing technology but isn't interested in bitcoin or cryptocurrencies.

"Cryptocurrencies basically have no value and they dont produce anything," Buffett, the world's third richest person with a net worth of around $90 billion, told CNBCs Squawk Box.

In terms of value: zero. I dont have any cryptocurrency and I never will," Buffett said, speaking after the release of his annual letter to Berkshire Hathaway shareholders and adding he has finally ditched his flip phone for an iPhone but he only uses for calls.

"I really dont take technology advice from somebody who uses a flip phone or doesnt use email," quipped Anthony Pompliano, co-founder and partner at bitcoin, crypto and blockchain investor Morgan Creek Digital.

Buffett, a self-admitted Luddite who has generally avoided the tech sector, is, however, notoriously bullish on iPhone-maker Apple despite being burnt by a badly-timed bet on ailing tech giant IBM over the last decade.

Some in the cryptocurrency sector have attempted to sway Buffett's thinking on bitcoin and crypto, with Justin Sun, the founder of cryptocurrency tron and chief executive of file-sharing company BitTorrent, winning a $4.5 charity auction to dine with the Oracle of Omaha last year.

"When Justin and four friends came, they behaved perfectly and we had a very friendly three-and-a-half hour dinner and the whole thing was a very friendly exchange of ideas," Buffett said, adding Sun failed to change his mind on bitcoin or crypto.

The bitcoin price exploded over the last few years, making bitcoin easily the last decade's best ... [+] investment.

"Buffett made his billions in a world that doesn't exist anymore," Mati Greenspan, the founder of bitcoin and cryptocurrency analysis outfit Quantum Economics, wrote in a note.

"Whoever the oracle of the next generation will be, my feeling is that they'll have a much keener understanding of emerging technology and will be less reliant on baseless fiat money."

Toward the end of 2017, many long-term bitcoin and cryptocurrency investors and supporters were hounded by distant family members and acquaintances who wanted to jump on the bitcoin gravy train.

Now, following a significant pull back in the bitcoin price over the last two years, many bitcoin bulls are hoping the next surge higher could be just around the corner.

If that surge ever comes, watch for interest from the likes of Buffettand if they want to get in, maybe it's time to get out.

Read more here:
If Billionaire Investor Warren Buffett Ever Buys Bitcoin You Should Probably Sell - Forbes