Billionaire investor Warren Buffett says no to Bitcoin. Here's why

On Saturday tens of thousands of Berkshire Hathaway shareholders attended the annual Berkshire Hathaway shareholders meeting

On Saturday tens of thousands of Berkshire Hathaway shareholders attended the annual Berkshire Hathaway shareholders meeting

At the same time, Bill Gates criticized Initial Coin Offerings (ICOs) saying that they are insane and 'speculative things.' ICOs allow start-ups and enterprises to crowd-fund their projects by issuing tokens.

Gates dismissed bitcoin as an asset class saying it does not support any real production activity and as such, there was no reason why it should be expected to increase in value.

"When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along", stated Buffett.

Speaking with CNBC, the Microsoft co-founder and prolific philanthropist said that he wished there was an easy way to short bitcoin so that he could take advantage of the opportunity.

He said oil has tangible worth, and it can be demonstrated easily - you can use it to run a vehicle, power cities, generate heat in the winter, and many more. "Bitcoin and ICOs, I believe completely that they're some of the crazier, speculative things", he said.

Bill Gates has joined the other wealthy Wall Street moguls who continuously criticise Cryptocurrencies. "It's kind of a pure "greater fool theory" type of investment". He elaborated that he was gifted some bitcoin for his birthday, but sold it a couple of years later.

Destiny 2 Expansion II: Warmind Gets Action Packed Launch Trailer
The company declined to give any more details regarding the new game mode, adding to the mystery of it. It means you'll be able to play all the Warmind and Curse of Osiris Crucible maps in public games.

Lebanese PM Hariri's Movement Wins 21 Seats at Parliament
The Future Movement headed by Hezbollah opponent Sa'ad Hariri lost seats and now appears to have only 18 seats, a loss of 16. He said during a press conference from Beirut that the elections grant his movement a "big bloc" in parliament.

Justify justifies hype with Kentucky Derby win
We'll find out in less than two weeks when the starting gates open at The Run for the Black-Eyed Susans at Pimlico. Television ratings for the Kentucky Derby , telecast by NBC Sports, dropped to their lowest level in six years .

Back in December, Bitcoin reached an all time high of $20,000 dollars.

While Bill Gates shares the disregard for cryptocurrencies, he did share that blockchain technology is valuable.

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today.

Munger has additionally referred to bitcoin as poison. In addition to criticism from influencers like Bill Gates and Warren Buffett, multiple governments have come forward with hesitance and concern regarding the influence of cryptocurrency and the effects that it might have on the markets at large.

The negative comments might be temporarily slowing down the growth in bitcoin prices. The recent decline in the value of bitcoin was the first decline in prices in over four days.

Latest News