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Bitcoin Large Scale VC Investor Schools Warren Buffet on the Value of Bitcoin John Mc Mahon

Bitcoin Large Scale VC Investor Schools Warren Buffet on the Value of Bitcoin John Mc Mahon

Fellow billionaire and Gates pal Warren Buffett said the largest cryptocurrency is "probably rat poison squared" at Berkshire Hathaway Inc.'s annual shareholder meeting on Saturday. He had stated in an interview with Yahoo Finance in Omaha, Neb., "There's two kinds of items that people buy and think they're investing,".

Charlie Munger, Warren Buffet's longtime partner at Berkshire Hathaway, hammered cryptocurrency as well. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Buffett said he does not want "much underwriting exposure to cybersecurity threats for Berkshire's insurance businesses". Apple's stocks opened at a record high Monday, after Buffett explained he desired he would have 100 percentage of Apple stock.

Buffett said he would be happy to see the Apple share price fall if it would spur repurchases.

"I love the idea of having our 5 per cent, or whatever it is, maybe grow to 6 or 7 per cent without our laying out a dime".

The Trump administration has drawn a hard line in trade talks with Beijing, demanding a US$200-billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday.

"If I had to say which bank is more likely to behave the best in the future, it might be Wells Fargo", Munger said.

"If you had bought gold at the time of Christ and you figure the compound rate on it, it's a couple tenths of a percent". If you don't understand it, you get much more excited.

Speaking on CNBC's Squawk Box Monday, Buffett called bitcoin a "non-productive asset" in which you're relying on the next "crazy" person buying it to pay you more than you paid for the volatile asset-something he argued is a bad gamble. "It's like worrying about the number of BlackBerrys 10 years ago", he added.

"It has a position in buyers' heads, and a utility to them, that's quite, very, very useful", Buffett explained.

Q: Goldman Sachs announced they were going to create a trading system around cryptocurrency, what do you think of that decision?

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