Coindesk Logo

Buffett 'Disciple' Condemns Investor's Views On Bitcoin

Buffett 'Disciple' Condemns Investor's Views On Bitcoin

Buffett 'Disciple' Condemns Investor's Views On Bitcoin

Venture capitalist Chamath Palihapitiya says billionaire Warren Buffett is wrong about bitcoin, though he calls himself Buffett's "disciple."

Venture capitalist Chamath Palihapitiya says billionaire Warren Buffett is wrong about bitcoin, though he calls himself Buffett's "disciple."

Venture capitalist Chamath Palihapitiya says billionaire Warren Buffett is wrong about bitcoin, though he calls himself Buffett's "disciple."

AccessTimeIconMay 10, 2018, 8:00 AM
Updated Aug 18, 2021, 9:03 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett's recent derogatory statements on bitcoin, stating that the cryptocurrency is "important."

His comments come after Buffett, the chairman and CEO of Berkshire Hathaway, argued that bitcoin is more of a gamble than an investment at the end of April, and then, last weekend at a shareholders' meeting, he said bitcoin is "probably rat poison squared."

While calling himself a Buffett "disciple," Palihapitiya told CNBC that Buffett is wrong about bitcoin.

"Not everybody is right all the time," he told the news source, further suggesting that that knowledge about technology is not in Buffett's "circle of competence."

Palihapitiya, a former Facebook and AOL executive, went on to push for the cryptocurrency's benefits, saying it is a replacement to gold and:

"Something like bitcoin is really important, because it is not correlated to the rest of the market."

Speaking about the financial crisis, he said that "things that we thought were hedges went away" and "broke down." Bitcoin is viewed as providing a hedge to traditional finance by those who have owned the digital currency, he said.

Chamath Palihapitiya image via JD Lasica/Flickr

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.