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.
"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.
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.
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Lebanese PM Hariri's Movement Wins 21 Seats at Parliament
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Justify justifies hype with Kentucky Derby win
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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.
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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.