Warren Buffett is a Bitcoin Critic Because it is “Huge Threat” to His Bank Holdings – Tim Draper

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

As we reported, Berkshire Hathaway CEO Warren Buffett said cryptocurrencies have no value as they produce nothing. The long term crypto critic also said that he doesn’t own any digital assets and neither will he ever.

“That is hilarious, he owned a 50% of his holdings are banks and insurance companies, they are not going to do well in this new decentralized economy, of course, he’s not going to like
It,” said venture capitalist Tim Draper in an interview with CNBC.

He further said the billionaire investor sees bitcoin and cryptos as a “huge threat to his holdings,” which are mainly in banks and insurance companies. Not to forget the fact that Buffett also missed the tech giants Amazon and Alphabet as well.

“Clearly he’s not gonna want this new currency that is completely everyone knows is so much better than what we have out there and these currencies that are tied to fiat government are I think they’re just gonna be a relic of the past it’ll be like holding drachmas and Frank’s,” said Draper.

Bitcoin will Climb over 2,500% in the Next 3 years

During his interview, Draper also talked about Bitcoin’s ongoing correction, BTC/USD trading falling below $9,300, that we are in for an “interesting ride.”

“I have been out of the market for about six months, it felt pretty lofty for me and I kind of moved most of my stuff to crypto and Bitcoin. It’s kind of a safe haven now and I think this
correction may end up being more than that… we’re in for a kind of an interesting ride,” said Draper.

He also talked about his $25,000 Bitcoin price prediction in the coming years stating, “I’m still holding to my prediction I think Bitcoin in 2022 at the beginning of 2023 will hit $250,000 and that is a big move from where it is here.”

According to him, Bitcoin would become a “currency of choice,” which currently isn’t as easy to move around but it will be eventually. Once it does in the coming years, people will have to then make a choice to either pay the banks two and a half to four percent every time they swipe their credit card or go for a currency that is global, open, frictionless, transparent, and not tied to any political force.

When people will make that switch “bitcoin is going to be the big winner,” said Draper.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...