In the Face of the Bear Market, Warren Buffet and Joe Lubin are Unimpressed

In the Face of the Bear Market, Warren Buffet and Joe Lubin are Unimpressed

While most of the crypto world is still trying to survive the crypto winter, Warren Buffet stated in a February 25, 2019 interview that bitcoin has no value while Joseph Lubin of ConsenSys said in a February 19, 2019 Interview that $4,000 is a high price for the premier cryptocurrency.

Coins of Little Value

While many prominent business people have shown support for cryptocurrencies such as Jack Dorsey, the CEO of Twitter, and Elon Musk, others are not quite as enthusiastic.

One of such commentator has been Warren Buffet, who, during a February 25, 2019 interview with CNBC, slammed bitcoin as having no value.

“bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day, and no little bitcoins come out. It’s a delusion basically,” he said.

This isn’t his first dig at bitcoin as in January 2018; he said, “I can say with almost certainty that they will come to a bad ending.”

His comments come just after bitcoin had seen a spike from around $3,500 to over $4,200 before experiencing a drop once again. This was discussed during the interview and Buffet said that while he doesn’t think highly of bitcoin, he can empathize with traders.

“I’m really sorry it happens because people get their hopes up that something like that is going to change their lives,” Buffett said during the interview. “I’m sympathetic to people that own it.”

Lubin Weighs In

Another person who has given their somewhat different opinion on bitcoin in recent times is Joseph Lubin, the Co-founder of Ethereum and founder of ConsenSys, who spoke on the bear marker while giving a talk at the Lubin School of Business of Pace University on February 19, 2019.

When asked about when he thinks adoption of public blockchain will take place, he said that a lot of growth has taken place and will continue to take place, but not before taking a dig at the crypto winter.

“We have had that thing that people call a ‘crypto winter,’ irrational exuberance, followed by a correction to a still a very high value for bitcoin, 4,000 is still a very high value for bitcoin (in my opinion); $150 for ether is still very high considering it started at $0.25. Crypto winter is that notion – we are just getting back to building software,” he said.

While Lubin might think the price of bitcoin is high, some of the market might disagree with him, especially because the price once reached $20,000.

Published at Wed, 27 Feb 2019 07:00:18 +0000