Fun

‘Noxious Poison’ – Bitcoin’s Market Cap Surpasses Warren Buffet’s Berkshire Hathaway Valuation

News Feed - 2021-01-02 09:01:58

"Noxious Poison" - Bitcoin"s Market Cap Surpasses Warren Buffet"s Berkshire Hathaway Valuation


For many years, the business tycoon Warren Buffet has condemned bitcoin as an investment telling people that the crypto asset is nothing but gambling. Two years ago, just before a Berkshire Hathaway 2018 annual shareholder meeting, Buffet said bitcoin is “probably rat poison squared.” Despite the investor’s criticism, the crypto asset’s market capitalization has surpassed Buffet’s multinational conglomerate holding company, Berkshire Hathaway, in net value.


Bitcoin has a lot of haters, including people like Jamie Dimon, Peter Schiff, and Nouriel Roubini. In addition to these pundits, the American investor and chairman and CEO of Berkshire Hathaway, Warren Buffet, doesn’t like bitcoin either. For many years now, the executive who developed an interest in business and investing in his youth has disliked bitcoin (BTC) with a fervent passion. Two years ago, Buffet explained that purchasing the crypto asset is not an investment.


“You aren’t investing when you do that,” Buffett stressed in 2018 during an interview in reference to buying bitcoin. “You’re speculating. There’s nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.”



Then during a discussion with CNBC’s Becky Quick, Buffet further explained that bitcoin is “probably rat poison squared.” Moreover, on Valentine’s Day 2018, Buffet’s partner and Berkshire Hathaway’s vice chairman, Charlie Munger, said he detested bitcoin. During the company’s annual shareholder meeting Munger said the crypto asset was “noxious poison” and “disgusting.”


“I never considered for one second, having anything to do with [bitcoin],” Munger insisted. “I detested it the minute it had been raised. The more popular it got, the more I hated it. It’s just disgusting that people have been taken in by this.”


Despite the bigwigs at Berkshire Hathaway hating on the crypto asset bitcoin (BTC), the digital currency has surpassed the multinational holding company’s net value according to statistics. Bitcoin’s value anywhere above the $29,300 per unit range gives BTC’s market valuation a whopping $544 billion, which is $1 billion above Berkshire Hathaway’s capitalization. A graphic perspective of bitcoin’s (BTC) market capitalization after the crypto asset surpassed Visa’s valuation and started climbing toward Warren Buffet’s Berkshire Hathaway.


The next major company BTC needs to pass is Taiwan Semiconductor Manufacturing (TSMC), the largest semiconductor manufacturer in the world. Bitcoin has already surpassed the valuation of the major payments network Visa, which is valued at roughly $482 billion.


The conglomerate Berkshire Hathaway is basically a lot of companies as well, as the holdings firm wholly owns well known businesses like Dairy Queen, GEICO, Duracell, Pampered Chef, Fruit of the Loom, and more. Berkshire Hathaway also has significant minority holdings in Coca-Cola, Bank of America, Apple, and American Express.


Since Bitcoin’s launch on January 3, 2009, 12 years ago, the currency has grown immensely in value and traditional investment tycoons have had a difficult time processing why it has grown so valuable. Still to this day, people like Peter Schiff and Warren Buffet believe that bitcoin is nothing but a pyramid scheme.


“If you buy something like a farm, an apartment house, or an interest in a business,” Buffet once said. “You can do that on a private basis. And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”


What do you think about bitcoin surpassing the value of Berkshire Hathaway’s market capitalization? Let us know what you think in the comments section below. 9 Trillion vs. 100 Trillion: Billionaire Mike Novogratz Asks Which Cryptocurrency Will Win the Payments Race FINANCE | 5 hours ago Augmented Reality Firm Nextech AR Joins the Bitcoin Treasuries Bandwagon, Buys $2 Million BTC FINANCE | 4 days ago Tags in this story Berkshire Hathaway, Berkshire Hathaway’s capitalization, Bitcoin, Bitcoin (BTC), BTC, BTC cap, Charlie Munger, conglomerate holding company, Finance, Market Caps, Not Investing, Rat poison squared, Speculation, TSMC, valuation, VISA, Warren Buffet


Image Credits: Shutterstock, Pixabay, Wiki Commons, assetdash.com, Reddit, Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Billionaire Mike Novogratz Says Bitcoin Market Is ‘in Good Shape’ — China Has ‘Less and Less’ Influence Over Crypto
Billionaire Mike Novogratz Says Bitcoin Market Is "in Good Shape" — China Has "Less and Less" Influence Over Crypto The billionaire investor and CEO of Galaxy Digital, Mike Novog
What You Can Create With a Small Piece of Land in the Metaverse
What You Can Create With a Small Piece of Land in the Metaverse Everybody inside and outside of the metaverse world knows that land ownership is important, and acquiring a plot of
Meta Launches Horizon Worlds Metaverse App in Spain and France
Meta Launches Horizon Worlds Metaverse App in Spain and France Meta, the social network company, has expanded the services of its flagship metaverse app, Horizon Worlds, to Spain a
LBank Exchange Lists Crypton (CRP) on February 11, 2022
LBank Exchange Lists Crypton (CRP) on February 11, 2022 press release PRESS RELEASE. INTERNET CITY, DUBAI, Feb. 12, 2022 – LBank Exchange, a global digital asset trading plat
Ana Paula Pereira7 hours agoVanEck to donate 10% profits from Ether ETF to core developersThe Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should
Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won’t Replace the Dollar
Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won"t Replace the Dollar An Ecuadorian presidential candidate hinted at creating a cr
Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels  
Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels   Following recent back-to-back surges in price, both ETH and BTC were down during Fri
90% of Bitcoin’s Supply Cap Has Been Issued, Miners Have 119 Years Left to Mine BTC
90% of Bitcoin"s Supply Cap Has Been Issued, Miners Have 119 Years Left to Mine BTC On December 12, crypto advocates celebrated the fact that 90% of the 21 million bitcoins that wi
Avail integrates leading layer-2 networks to create more cost-efficient chains
Savannah Fortis10 hours agoAvail integrates leading layer-2 networks to create more cost-efficient chainsAvail joins forces with leading layer-2 networks for increased Web3 scalability through data availability and rollu
How to Leverage Uniswap – Ethereum’s Noncustodial Defi Trading Platform
How to Leverage Uniswap - Ethereum"s Noncustodial Defi Trading PlatformIn 2020 decentralized exchanges (dex) have grown quite mature compared to just a few years ago. One specific d
Bitcoin volatility ‘ramping up’ above ATH levels as price retests $62K
Ciaran Lyons6 hours agoBitcoin volatility ‘ramping up’ above ATH levels as price retests $62KBitcoin’s volatility is now higher than it was on the day of its all-time high in March, with traders suggesting this cou
Zhiyuan Sun7 hours ago$7.8B lost in crypto Ponzi and pyramid schemes in 2022: ReportIllicit activities related to crypto increased across the sector in 2022 despite an overall market downturn.1483 Total views2 Total shar