DeVere Group CEO Nigel Green does not agree with Warren Buffett’s comments of Bitcoin and cryptocurrencies. He said that the financial guru had to be educated on this particular matter. On Monday, at the Berkshire Hathaway annual meeting conference, Buffett reiterated his view that Bitcoin had no intrinsic value and would end badly. However, Green noted that the largest cryptocurrency had gained over $2,500 in the last month alone, representing a price surge of almost 38%.
“It comes as little surprise that Mr. Buffett and his 94-year-old business partner, Charlie Munger, criticized cryptocurrencies at their annual meeting,” Green said.
“They have done so consistently. But what I do find monumentally baffling is that two of the world’s most successful investors cannot see the intrinsic value of some form of cryptocurrency. Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world? Do they not see many of the world’s major tech companies, established banking groups and household name investors investing in, using and/or beginning to adopt cryptocurrencies?” DeVere chief asked.
He added that many governments, central banks, and regulators around the world are all recognizing the scale and potential of Bitcoin and cryptocurrencies, and are searching for regulatory frameworks given that the Bitcoin phenomenon has become so big.
Green believes that Warren Buffett doesn’t have enough knowledge on cryptocurrencies, even though he admits that the Oracle of Omaha, as Buffett is nicknamed, is a true financial guru. In fact, the billionaire himself recognized in an interview with CNBC that he didn’t know about Bitcoin.
“I believe his recent comments on cryptocurrencies illustrate his lack of understanding in this area and how he perhaps needs to be educated on what is likely to be the future of money,” Green concluded.
DeVere is an independent international financial consultancy firm that offers advice to expatriate clients and investors worldwide. Nigel Green founded the company in 2002.
Other executives have also criticized Buffett’s stance on cryptocurrencies. CrowdfundX CEO Darren Marble said that even if Buffett had a great reputation as an investor, he was dead wrong on Bitcoin because he had no idea on how the technology works.
“How could someone who doesn't use email possibly appreciate Bitcoin?” Darren asked.