Why Warren Buffet does not want you to invest in cryptocurrencies? (2.0)
A few days ago i saw a story about Warren Buffett where he said that bitcoin is a play device since there are many scams linked to it (here is the news). His affirmation does not stop being true however he is hiding something: fear, tons of it. Let me explain.
In December of 2017 (when the price of bitcoin reached US $19700) I published an article in Steemit with the same name and I still think exactly the same. (Here is the article i wrote). In this publication, i summarize in some way the manifestations of Buffett where at that time he despised bitcoin for being too volatile and not reliable. But why he said something like that?
Because he knows better than anyone that if bitcoin (and therefore the other cryptocurrencies too) grows in capitalization, it will be a direct competition for his investment portfolio. He knows very well that bitcoin is the currency of the future and that the instability of its value has been caused basically by its natural adaptation to our economic needs. It’s just a momentary hiccup that, according to analysts, is ending.
It is also true that there are many people who have created scam systems to surprise people with a miraculous investment that brings great profits in a very short time that revolve around bitcoin. Of course, I can not cover the sun with a finger, that exists and anyone who has been at the beginning of the crypto world will give you thousands of examples of them. But what Buffett is trying to do with this is to put everyone in the same bag, which is very unfair and even cowardly on their part.
Every day that goes by:
1) Crypto enterprises are created.
2) More companies adapt their businesses to their clients paying with cryptocurrencies to build loyalty in them.
3) More companies implement blockchain technology to their processes to reduce costs.
4) Many people invest in buying bitcoin.
5) Many people invest in businesses derived from bitcoin (example: trading, mining, etc.).
All these trends confirm that the crypto-core (captained by the blockchain technology) has come to stay. It likes the status quo or not (represented by Warren Buffet).
Finally, I would not be surprised if Buffett and company have been indirectly manipulating the price of bitcoin (especially in that sudden fall that occurred in January 2018) to justify their excuses that bitcoin is just another bubble. Although of course, an exhaustive investigation would have to be done to prove it.
Now more than ever the law of survival is still valid and in this case the investments and all those who are involved in investment and business activities will have to adapt their business models to the demands that now we can demand and thank God the crypto gives us.
Like i said in the article i wrote in december 2017 and i say it now, time will say if the cryptofans like me are right or Buffett is.
LONG BITCOIN, SHORT THE BANKS!