INSUBCONTINENT EXCLUSIVE:
week in support of bitcoin and telling the ace investor that like he was wrong about Google and Amazon, he might be wrong about bitcoin
find someone else who will pay more for it.
Likening bitcoin demand to tulip mania in 17th century Holland, Buffett said it was the mystique
behind the cryptocurrency which cause such a huge surge in its price.
Bitcoin price hovered around $8,500 on Friday, falling from around
$19,000 level, where it traded in December last year.
Buffett, Chairman and CEO of Berkshire Hathaway, said cryptocurrencies like bitcoin
are non-productive assets similar to gold
So anyone buying it is betting that someone else will pay more for it later.
Berkshire Vice-Chairman Charlie Munger said buying bitcoin with
watched Amazon from the start and what Jeff Bezos has done is something close to a miracle
If I think something is a miracle, I tend not to bet on it
to stay within our circle of competence, and Charlie and I generally agree on where that circle ends We'll try to stay within our circle of
competence We're going to miss a lot of things."
