The Indian government and the Reserve Bank of India (RBI) has banned institutions under it ban any individual's account if found trading in Bitcoins.
Bill Gates has now jumped on the same bandwagon, referring to them as "crazier, speculative things". Addressing his boss, he said that he "likes cryptocurrencies a lot less" than his colleague already does.
The Bitcoin price isn't doing as well as we anticipated moving through the weekend, falling back to $9300 after reaching close to $10000 - and Warren Buffett and Bill Gates are not fans of the investment opportunity. What Buffett was saying about bitcoin was that you may purchase it, however it would by no means produce something of worth. Cryptocurrencies, or bitcoin, specifically, is merely digital code-which concludes with being vulnerable to fluctuation based on the unreliable opinions of everyone trading stock. "It's kind of a pure "greater fool theory" type of investment", Gates said on CNBC's "Squawk Box". He called it 'worthless artificial gold' before stating that its ability to facilitate illegal activities isn't something desirable for the world.
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"If you look at Apple, I think it earns nearly twice as much as the second most-profitable company in the United States", Buffett told the cable network, calling it an "unbelievable company". People of Venezuela have turned to Bitcoin for stability.
As CCN previously reported, Gates blames bitcoin for drug deaths, claiming cryptocurrencies are go-to vehicles for illegal drug sales and money-laundering. Many Wall Street big times, such as Jamie Dimon, the CEO of JPMorgan Chase dismiss cryptocurrencies as they are not traditional and see no room for them, but Bill Gates is surprising.
Despite the bearishness of these "old guard" billionaire moguls, the new crop of tech billionaires has no doubt that bitcoin is the unstoppable wave of the future. "To me, it is simply dementia".