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hi everybody I hope your weekends off to a great start regardless of the bounce in Bitcoin price first of all let's check enjoy a bit Connect account so as you can see we've accumulated some more moolah in our lending wallet from interest I also deposited a bit of money to lend but connect as well so I'm gonna go ahead and do that now ok and we now have over a thousand dollars investors let's keep the wheels turning and this time next week will be interesting to see how much interest we've made you this afternoon I wanted to discuss what had become to be known as the Warren Buffett bubble Warren Buffett is one of the most successful investors of all time his net worth it's estimated to be seventy nine point two billion u.s.
dollars he's still in action today and as one of the world's wealthiest individuals he's a sound source for investment advice there's actually a really good documentary out about him that I think is the BBC might have done google that and it'll it'll come up definitely worth the watch um he did an interview recently where he claimed that Bitcoin and cryptocurrency is simply a bubble that the whole thing is just a mirage free those of you new to the terminology a stock market bubble is a type of economic bubble that takes place in stock markets when market participants drive stock prices above the value by quote unquote he said people get excited from big price movements and Wall Street accommodates you can't value Bitcoin because it's not a value producing asset he said it doesn't make sense this whole thing is not regulated it isn't under control it's not under the supervision of any federal United States Federal Reserve or any other bank I don't believe in this whole thing at all I think it's going to implode so when one of the world's best investors and one of the world's most wealthiest individuals says that it's a bit of a red flag and they go oh maybe I should listen but look he made his money trading penny stocks which are a common stock valued at less than one dollar so it's they're pretty speculative stocks because not worth very much and we're entering a whole new playing field here we can't compare Bitcoin to the housing crash of 2008 when people bought homes thinking that they'd make a fortune on soaring prices but end up losing like 30% on plunging home values and we can't compare it to the technology stock bubble of early 2000 that the technology bubble burst so people were just going crazy about the pioneers of the internet and they just didn't think that it was possible for technology stocks to start gaining value and they did this is just so different to that the reason reason why we can't compare is because it's you know Bitcoin isn't a company that could lose probability overnight and fail it's not a speculative real estate scam that could crumble as a result of government and you know Bank interference Bitcoin is a completely different beast and the value isn't increasing because of marketplace lies it's increasing because it is a life changing financial invention it's something brand-new that makes a big difference it's increasing because more people are adopting it and the network effect is in full swing Bitcoin is also growing as a result of basic economics and this is the what I usually say to people I'm trying to explain why I believe that that Bitcoin will still be going up in price come one two three years from now and that's because the supply is limited to 21 million units and that means that it becomes a scarce asset so when people want things that are scarce their value will rise so less and less of Bitcoin at there is the price will continue to go up that's basic our economics that supply and demand right there that's supply and demand at work and I definitely believe in those basics now mr.
Buffett is a bit of a hero to me so it's hard to hear him saying this sort of stuff and I don't have to say I strongly disagree with what he said but I'd love to hear your opinion so what do you think leave a comment leave some feedback below and thank you for watching don't forget to help me out by smacking that subscribe button alright thank you guys have a good weekend you
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