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crypto is nothing but a scam you're better staying away from it would you take my advice if i told you this you would never listen and probably assume me a lunatic considering how many people's lives crypto has changed for the better but wait would your reaction still be the same if warren buffett the ceo of berkshire hathaway the youngest and most successful investor the world has ever seen told you the same you will surely want to take notes as he is likely to make the wisest choices among any of us hello and welcome back to the video before we begin please subscribe so you can see more videos like this today we will see why not only buffett but also the vice president of brk charlie munger to test crypto so much so if you want to take a look at their insight on the matter keep watching the video cryptocurrency is getting popularity fast in today's era with seemingly no end anytime soon as more and more sites and countries are starting to accept and recognize it it is ever increasing in its intrinsic value with bitcoin one of the most common and well-known forms of crypto breaking the 30 000 threshold at the time of making this video but it's not all sunshine and roses with this virtual currency it has some drawbacks that not only make it questionable ethically but also make it a very risky investment all flaws aside the main problem buffett has with crypto is that it's not an asset that produces a return itself it might increase in value but it doesn't yield anything unlike farms or real estate that gets much of buffett's attention and he is likely to invest in it's because the farms will produce milk or meat and the apartment rent unlike crypto which is nothing more than a sitting duck he says he will buy farms or properties at any price but won't buy bitcoins even if it's dirt cheap he thinks crypto will crash and said in terms of cryptocurrencies generally i can say almost with certainty that they will come to a bad ending crypto is something only virtual it is something you can't touch or hold in your hands it cannot be withdrawn and due to this crypto is like an endless cycle of buying and selling i wouldn't take it before because what would i do with it i'd have to sell it back to you one way or another i mean they are the same people it isn't going to do anything added the 91 year old in an interview the insider he thinks having no physical existence let alone worth makes crypto solely speculative and due to this very reason he considers it nothing more than a bubble that is destined to burst tomorrow if not today ending terribly for its holders as billions of dollars will be washed away and millions will become bankrupt another problem buffett has with this type of currency is that he does not fully understand it his whole life he has spent investing starting his journey at 11 with his first stock he has made remarkable insight and experience of how investments work and whether something qualifies for his precious money to be invested in he is a profound preacher of before you invest in something invest in the time to understand it he reports having problems with things that are in his expertise so why would he trap himself in something he fully doesn't understand he claims not to be familiar with how bitcoins are mined or function and this has stopped him from supporting it if you don't understand the thing you'll be throwing your money into you are literally treading on thin ice because once things do start to go south due to your inadequate knowledge you will surely find yourself trapped in a rat hole with nowhere to go so if you still want to invest in crypto be sure to take your time to fully understand the mining process and blockchain technology so you don't regret it later monger also a multi-billionaire and the most intimate pal of warren shares views on bitcoin that are not much dissimilar to his friend he discussed bitcoin just as much and is not all that delighted by its contemporary success he is not like bitcoin even one bit since its creation on several occasions in his interviews he has openly passed hateful comments towards the whole concept and his approach to bitcoin has not changed even after all these years if only his hate has grown he loathes the idea so much that he wants crypto and especially bitcoin to be banned immediately he praised china for banning bitcoin and thinks that the us was wrong to adopt it and should also take steps to get rid of it instantly but mind you monger is no fool and has concrete reasons to back his claim firstly he thinks bitcoin is a trap for people as it may seem like easy money requiring almost no effort but he says that's the problem so many things here can go wrong that won't be in your power to fix the whole idea of bitcoin is absurd to him calling it rat poison he further added i certainly didn't invest in crypto i'm proud of the fact i've avoided it it's like a venerable disease or something i just regard it as beneath contempt another reason for loathing bitcoin comes from the theory that crypto cannot be positive it will mostly if not all the time is used for legal activities according to him i hate the bitcoin success and i don't welcome a currency that's so useful for kidnappers and extortionists in our stores and so forth nor do i like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air i think i should say modestly that i think the whole damn development is disgusting and contrary to the interest of civilization and i'll leave the criticism to others when questioned about the need for digital currency and the importance of bitcoin in the near future he shared his thoughts saying you've already got digital currency that's called a bank account whether crypto is good or bad only time will tell but at the present it is at least not getting approved by warren buffett or his right-hand man monger with many reasons to hate it and not even one to like it both gentlemen advise staying away from this fraudulent currency that has fascinated many great minds and has taken the new generation by storm that brings us to the end of the video now the choice of whether to agree or disagree with both of these highly successful and the wisest businessmen of their age is left up to you we hope you like this video if you do don't forget to like and share and also be sure to subscribe if you want to see more videos like this
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