One of the biggest struggles faced by Bitcoin and the rest of the cryptocurrency market has been to convince the mainstream ecosystem of its benefits and use-cases. One of the biggest naysayers of the cryptocurrency industry is Berkshire Hathaway CEO Warren Buffett, who once compared the world’s largest cryptocurrency to rat poison.
In an ironical twist of fate, analysis suggests that Bitcoin actually beat Berkshire Hathaway stocks in terms of returns and growth over the years. Buffett has been quite vocal about his Bitcoin criticisms, going on to state,
“It [Bitcoin] doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me. It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.”
According to calculations, Berkshire Hathaway’s stocks have gone up by 997,900 percent since Buffett’s takeover in 1964. Bitcoin managed to steamroll this record in its decade-long existence, with the king coin growing by a whopping 720 million percent in 10 years. Bitcoin’s price was first released to the public on October 5, 2009 by the New Liberty standard, with a price of $0.0007. Users of the cryptocurrency who had bought the cryptocurrency in 2009 are the ones who became multi-millionaires and billionaires when BTC spiked to its highest point in 2017.
At the same time, Berkshire Hathaway was performing really well as a mainstream stock under Buffett’s watch. If one had invested $1000 when Buffett had taken over in 1964, it would have yielded returns of up to $10 million.
Warren Buffett was in the news recently after Justin Sun, Chief Executive Officer of the Tron Foundation, won a chance to have lunch with the financial tycoon. The charity dinner will be attended by Sun and seven other members chosen by the Tron CEO. Justin Sun has revealed that the dinner will be a great opportunity to change Buffett’s mind on crypto. He had said,
“I am pretty sure that Warren Buffett has been misled by the media.”
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