Bitcoin price retreats from $10k after Bill Gates and Warren Buffett bashing

The billionaire also noted his concerns about speculation over insider trading if he were to invest in Microsoft stock

He went on to advise investors to invest in the stock market rather than gambling with Bitcoins or any other cryptocurrency. To the crypto enthusiasts, these people are only spreading FUD, vestiges of the system that blockchain is created to disrupt. Apparently, the master of investment was a little harsher in terms of criticism than the Microsoft co-founder. Speaking during a CNBC program on April 5, both men shared their thoughts on bitcoin. If this description is accurate, then bitcoin is a bubble. "It's kind of a pure "greater fool theory" type of investment...[I would short Bitcoin] if there was an easy way to do it". So Buffett says anyone buying bitcoin is betting that someone else will pay more for it later.

"I like cryptocurrencies a lot less than you do", Munger said to Buffett. "People like to speculate, they like to gamble". He elaborated that he was gifted some bitcoin for his birthday, but sold it a couple of years later.

Bill Gates is not the first important figure that talks negatively about cryptocurrencies in general. What Buffett was saying about bitcoin was that you may purchase it, however it would by no means produce something of worth.

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During a Berkshire annual meeting on Saturday, Buffett admitted to CNBC that bitcoin "was probably rat poison squared".

Winklevoss along with also his brother Cameron had $1 1 million in bitcoin at $120 a coin in April 2013.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffett explained. Munger also believes that the United States ought to emulate China in banning cryptos completely. Bitcoin futures, as the name implies, allow investors to place bets on the future price of the flagship cryptocurrency through online brokerage firms such as Interactive Brokers or TD Ameritrade. And this year, after a significant decline the price still hasn't managed to reach the mark of $10,000.