Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett’s recent derogatory statements on bitcoin, stating that the cryptocurrency is “important.”
His comments come after billionaire chairman and CEO of Berkshire Hathaway, Warren Buffett, argued that bitcoin is more of a at the end of April, and then, last weekend at a shareholders’ meeting, he said bitcoin is “.”
While calling himself a Buffett “disciple,” Palihapitiya told that Buffett is wrong about bitcoin.
“Not everybody is right all the time,” he told the news source, further suggesting that that knowledge about technology is not in Buffett’s “circle of competence.”
Palihapitiya, a former Facebook and AOL executive, went on to push for the cryptocurrency’s benefits, saying it is a replacement to gold and:
“Something like bitcoin is really important, because it is not correlated to the rest of the market.”
Speaking about the financial crisis, he said that “things that we thought were hedges went away” and “broke down”. bitcoin is viewed as providing a hedge to traditional finance by those who have owned the digital currency, he said.
image via JD Lasica/Flickr
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Published at Thu, 10 May 2018 08:00:47 +0000
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