Tech venture capitalist Chamath Palihapitiya, who considers himself a "disciple" of Warren Buffett and Charles Munger, a Vice Chairman of Berkshire, commented on his mentor’s statement on CNWBC's Squawk Box.
Palihapitiya stated that his "teachers" are not right in their extreme negative evaluation of cryptocurrency, and blockchain technology is clearly not their "circle of competence."
The capitalist is sure that future belongs to cryptocurrencies. They will replace gold as an asset, one of the reasons being that bitcoin “is not correlated to the rest of the market."
Palihapitiya added that he owned cryptocurrency since 2012 and viewed it as a hedge to the "traditional financial infrastructure."
Tech venture capitalist started his career in Facebook in 2007. Palihapitiya served in various management roles, including vice president of user growth.
American investor, head of Berkshire Hathaway Warren Buffett made new loud statement about bitcoin. He believes that the most popular cryptocurrency is "probably rat poison squared".
A harsh statement like that from Warren Buffett does not come as a surprise. The billionaire has already lashed out at cryptocurrencies back in October, 2017. He then stated that bitcoin was a “real bubble” and implied coin offerings would end badly.
The founder of Microsoft Bill Gates supports this point of view. In his opinion bitcoin and ICOs are “crazier, speculative things.”
By Ekaterina Ulyanova