WARREN BUFFET REBUFFS BITCOIN
by Corey Chambers
Ben Eisen of MarketWatch recently wrote about how Buffett likes Pepsico, but he does not like Bitcoin. Is that a shock to anyone? Buffett said that Bitcoin is “not a currency”. He said that it will not be around for a long time.
When it comes to Bitcoin, Buffet does not know what he is talking about. Buffet is most credible when he sticks to what he knows. Buffet knows large cap companies. He knows to buy quality at a low price and sell high over large market cycles. While Buffet is correct about Bitcoin being more short term. Buffet is correct that Bitcoin is probably not a super long term investment. Bitcoin has already proven itself for 4 years however, and Bitcoin is just getting started. Bitcoin is opposite of what old-school Buffet all about. Buffet does not invest in bleeding edge innovation technologies like Bitcoin, so his smartest move is to sell against Bitcoin. Buffet played his smartest move like Billionaires can be counted on to do.
Bitcoin does likely have a shorter life span that Pepsico or Coca-Cola. Bitcoin is more predictable than many are aware of. There is one word that speculative investors need to keep an eye on in order to know when to stop buying and when to start selling off Bitcoin. The Bitcoin Books will provide that secret word.