Bitcoin is once again at the heart of the debate, and this time Warren Buffett has his say. He believes that bitcoin and other cryptocurrencies are doomed to fail. Is the situation also alarming?
In an interview with CNBC on Squawk Box, Buffett said he did not own a bitcoin and that he had no intention of investing in it either. The billionaire even predicts a tragic end to cryptocurrencies, but does not specify how or when it will happen.
“We did not buy, we do not sell, we will never have a position on them. I have enough problems with things that I think I know in part, why should I take a position on something I do not know? Asked Berkshire Hathaway’s CEO about bitcoin.
Buffett’s opinion about bitcoin and crypto-currencies is shared by billionaire Charlie Munger who said he is not excited by this. Investors, he believes, “are excited because things are getting better at the moment and that looks vaguely modern.”
Buffett is not the first to publicly show his doubts about the future of cryptocurrencies. Larry Fink, the CEO of BlackRock, said that Bitcoin only showed how much money laundering is in the world. For Jamie Dimon, CEO of JPMorgan Chase, bitcoin is not a reality and a tragic end is reserved for it.
All investors do not share the same opinion about bitcoin
Billionaire entrepreneur Richard Branson is a big fan of bitcoin and blockchain technology. He sees them as an economic revolution. Last year, at the Virgin Disruptors event in London, he spoke on using the blockchain to create a better land titling system. He discussed how land titles are often taken away from legitimate homeowners in developing countries, and said that this problem could be solved by using a solution based on this technology.
Branson has also chaired the Blockchain Summit over the past two years on his private island where several new ideas and partnerships have been formed. When asked for his opinion on the future of bitcoin, he replied that he thinks it will be a success, but has recognized its volatility and said similar currencies could be further improved.
Mark Cuban did not take a stand
Mark Cuban, the billionaire investor and the star of hit reality TV show Shark Tank, does not seem to take sides and instead has mixed feelings about bitcoin. He shared his feelings on Twitter and said he thought the bitcoin was too volatile, and he did not know when the problem would be fixed or how much it would cost. He also said that when you have a multitude of people who boast of earning money easily, it is usually a harbinger of problems. He compared the tech bubble of the late 1990s to the housing bubble of the mid-2000s, and said he was wary of everyone thinking it was different.
Cuban spent an hour and a half on Twitter giving his opinion on cryptocurrency and during that time, the price of bitcoin dropped considerably. He said it was further proof of what he was saying and posted later “You know it’s a bubble when a Twitter message bounces the price.”
However, according to him, it is not catastrophic at all. He praised blockchain and other technologies, saying that it is very valuable and will be at the heart of most transactions in the future. He thinks medical services, finance and many more will use it, and that bitcoin and this technology have value even though they are only $ 3,000 at the moment.
Bitcoin and the online betting industry
Cuban is well known for its investments and has been active in the eSports market for a long time. In 2017, we saw this market explode and competitive video games are now available at most online sports betting sites. He has also received support from the ESPN television channel, which plans to broadcast the largest eSports events. He has invested $ 7 million on the Unikrn website where fans can place bets on tournaments.
Cuban has been in the sports betting industry for over a decade and compared sports bets to Wall Street stock markets. He even said that betting on sport was a smarter way to make money than buying and selling stocks. It has invested in this industry that has exploded in recent years, and with the introduction of crypto-currencies and the creation of more online gaming sites allowing bettors to use it, there could be much more options in the future.
The future of bitcoin is still an uncertainty, but it proves that digital currencies are popular and will undoubtedly exist in one form or another. More and more major online betting institutions are now accepting bitcoin as a deposit and withdrawal method, and unless something truly catastrophic happens, 2018 will see many more casinos accept crypto-currencies. Bovada is the first to accept the new bitcoin and we are sure that many more sites will follow.
Should you invest in Bitcoin? It’s a decision that only you can take, but when it comes to online games, it’s good to know that there are other ways to bet on the sport and to play casino titles for real money. Bitcoin is a popular payment method because it acts as an electronic wallet, which means you do not have to provide your financial data to the casino or sports betting sites. Deposits and withdrawals are instant, and you can also transfer your earnings to your bank account. Check out our list of accredited Bitcoin casinos from which you can choose.
Many people will monitor the bitcoin price change over the next few months. Will it reach the record level of 2017? We can not say for the moment.