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

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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.

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