Crypto currencies are good when your aim is in using it to move large sums or other financial transactions and payments. But investing huge sums in it on a long term basis is a bad idea. I have warned people in the past against investing in it. Bitcoin and other crypto-currencies will crash and will probably not exist in 10-20years time. 


Below are quotes from a renown investor Warren Buffet against crypto-currencies:



Warren Buffett dismissed bitcoin and other crypto-currencies as worthless in a CNBC interview on Monday.

"Cryptocurrencies basically have no value," Buffett said. "They don't produce anything."

"You can't do anything with it except sell it to somebody else," he added. "But then that person's got the problem."


1. "Crypto-currencies basically have no value and they don't produce anything. They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem. In terms of value: zero." - CNBC, February 2020

2. "It's ingenious and blockchain is important but Bitcoin has no unique value at all, it doesn't produce anything. You can stare at it all day and no little Bitcoins come our or anything like that. It's a delusion basically." - CNBC, February 2019

3. "If you and I buy various cryptocurrencies, they're not going to multiply. There are not going to be a bunch of rabbits sitting there in front of us. They're just gonna sit there. And I gotta hope next time you get more excited after I've bought if from you and then I'll get more excited and buy it from you. We could sit in the house by ourselves and we could keep running up the price between us. But at the end of the time there's one Bitcoin sitting there and now we've gotta find somebody else. They come to an end." - CNBC, May 2018

4. "In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending. If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it, but I would never short a dime's worth." - CNBC, January 2018


5. "I don't have any Bitcoin. I don't own any cryptocurrency, I never will. I may start a Warren currency, maybe I can create one and say there's only going to be 21 million of them. You can have it after I die but you can't do anything with it except sell it to somebody else." - CNBC, February 2020

6. "It draws in a lot of charlatans. It's something where people who are of less than stellar character see an opportunity to clip people who are trying to get rich because their neighbor's getting rich buying this stuff that neither one of them understands. It will come to a bad ending." - 2018 shareholder meeting

7. "It's a mirage basically. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money just because they can transmit money? I hope Bitcoin becomes a better way of doing it but you can replicate it a bunch of different ways. The idea that it has some huge intrinsic value is just a joke in my view." - CNBC, March 2014.

8. "It's not a currency. It does not meet the test of a currency. I wouldn't be surprised if it's not around in 10 or 20 years. It is not a durable means of exchange, it's not a store of value. It's been a very speculative kind of Buck Rogers-type thing and people buy and sell them because they hope they go up or down just like they did with tulip bulbs a long time ago." - CNBC, March 2014

9. "A rising price does create more buyers and people think 'I've gotta get in on this' and it's better if they don't understand it. If you don't understand it you get much more excited than if you understand it." - CNBC, May 2018

10. "You're going to be a lot better off owning productive assets over the next 50 years than you will be owning pieces of paper or Bitcoin." - CNBC, March 2014

https://markets.businessinsider.com/currencies/news/warren-buffett-best-quotes-bitcoin-cryptocurrencies-investing-rat-poison-squared-2021-1-1029974898

...and we should listen to him because he is a billionaire?

This is what he did last time when bit coin was heading to $21,000 that ushered in the bear run.

Man crypto market is about to see huge red lines for years.

Most coins have what they're used for and are not worthless. There are some shitcoins though, but most of the popular coins are very valuable because of the solution they bring to the table with Blockchain.

If he says people should not invest in Crypto, he should also say people shouldn't invest in the stock market. They're almost the same thing.

no. shares give dividends and bonus shares.. if you buy shares in companies that keep improving in profitability, share prices will not crash but rise.. not speculation but real investing based on fundamental analysis

Activist001:
Most coins have what they're used for and are not worthless. There are some shitcoins though, but most of the popular coins are very valuable because of the solution they bring to the table with Blockchain.

If he says people should not invest in Crypto, he should also say people shouldn't invest in the stock market. They're almost the same thing.

Baba, we have heard you ooooooo. stay ur lane, people are becoming financial free and enjoying live. crypto has come to stay. so itwill keep rising and rising. i sell coins.

sonofElElyon:
no. shares give dividends and bonus shares.. if you buy shares in companies that keep improving in profitability, share prices will not crash but rise.. not speculation but real investing based on fundamental analysis

Same with Cryto currencies. If a coin continues to gain acceptance in the community for its purpose + media hype, prices will not crash but increase. It's almost the same as investing in stocks but more volatile.

Why don't you also quote the CURRENT RICHEST MAN ON EARTH? Elon 'the freaking' Musk

Many billionaires are keying into bitcon. Buffet is old school......we won't listen to him. While he's still hating for being late to the party......., dogecoin made me some cool mula last night thanks to Elon Musk and Snoop Doggy pumping it..........and then today, we learnt that tesla just invested 1.5billion dollars in bitcoin. These are great times

ok

the value increase of cryptos is based on speculation and sentiments only. no intrinsic value. no company producing goods or services.. no dividends declared at year end or bonis shares to shareholders.. cryptos are only based on sentiments. one big bubble waiting to burst

Activist001:

Same with Cryto currencies. If a coin continues to gain acceptance in the community for its purpose + media hype, prices will not crash but increase. It's almost the same as investing in stocks but more volatile.

meobizy:
Online Dangotes are here again. Yet one will see them camping in giveaway threads using alternate accounts.

lol

Your mindset would keep you poor forever if fail to change it. You better start researching and learning the act of investing now that you're still young before it's too late.

Many Nigerian youth you see in this country are only here physically....... their spirits are in a highly developed country cos the world is now a global village.

Many people are making tons of money online whether you want to believe it or not.

sonofElElyon:
the value increase of cryptos is based on speculation and sentiments only. no intrinsic value. no company producing goods or services.. no dividends declared at year end or bonis shares to shareholders.. cryptos are only based on sentiments. one big bubble waiting to burst

You don't know anything about cryptocurrencies then.

on the contrary I do.. just that you are unwilling to be objective because your money is in it!

Activist001:

You don't know anything about cryptocurrencies then.

.


Bufet must have shed all available tears in his closet seeing how the common man are making it out of Cryptos compounded by the market manipulation that has been taking place since last month.

Many of these billionaires make their money from stock but were left stunned by the tsunami of manipulation by the people. So far it hasn't been a good year for the die stock billionaires. No wonder they cried to Biden and Robbinhood management for reinforcement. It is even more worse for them seeing a fellow billionaire (Musk) charging the people to greatness.

Can someone give brother Buffet a bucket to shed tears? I heard billionaire tears are like golden goose.


.

sonofElElyon:
on the contrary I do.. just that you are unwilling to be objective because your money is in it!

Don't mind him jare, he is a noob. They ll always be sentimental about the market, i am a professional trader myself since 2015, that is not enough for me not to know that everything can go back to where it came from in the crypto market. At the same time, he might know what he is doing, if there is no demand and no volume, price won't go up and if price didn't go up, how will he cash out?




Still buying all Gift cards @ good rate

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I remember warning Nigerians here sighting Warren Buffet views on crypto-currency. Its only financial illiterate folks dabble in to such.

I disagree with that. I think cryptocurrency is the future. I believe that it'll grow further as people start to realize that it's real. I don't know about anyone, but bitcoin is a good investment because I can sell it at a higher price than it was initially. Yes, it's a great idea, it's one of the safest ways to earn, and it's also a perfect way to invest bitcoin price rally. Blockchain technology allows you to purchase bitcoin absolutely privately and securely and sell it.
But if you want to do this, you need to know how to buy and sell cryptocurrencies correctly.