Sat, 26 July
28.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Buffet: stay away from bitcoin

YEREVAN, March 18. / ARKA /. In an interview with CNBC last Friday, legendary investor and multi-billionaire Warren Buffett described bitcoin as “a mirage” because of his view that the crypto-currency’s intrinsic value as a means of payment is grossly overhyped, vestifinance.ru reported.

Buffet acknowledged that e-currencies offer an efficient way to transfer value but warned investors to “stay away” from bitcoin. He accepted that bitcoin was a “very effective way of transmitting money” but sees a major flaw in the product’s valuation.

As Buffett put it: “A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope bitcoin becomes a better way of doing it, but you can replicate it [money transmission] a bunch of different ways.”

In a major putdown, Buffett concluded: “The idea that [bitcoin] has some huge intrinsic value is just a joke in my view.”

This is not the first time the Berkshire Hathaway founder has commented on what is arguably now the world’s best known e-currency. At the beginning of March, Buffet dismissed the notion that bitcoin is a currency, adding that he “wouldn’t be surprised if it wasn’t around in the next 10-20 years”.

Buffet earned his billions by being extremely conservative, basing his financial plays on investments with a high degree of certainty. -0-

spot_img

POPULAR

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

In Armenia, bad loans worth over $1 million have been written off under the state support program – Ministry of Social Affairs

14,757 applications for writing off bad loans have been received in Armenia within the framework of the relevant state support program, which started on February 1, 2025.

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img