Warren Buffett: Bitcoin is 'rat poison'

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It's certainly possible, then that Warren Buffett and Bill Gates may be wrong on Bitcoin price - and we've seen already that the currencies can explode in value. In the midst of the mostly grossly worded slew of insults that the institutionally rich lobbed at the bitcoin crowd over the weekend, Bill Gates may have landed the furthest from the mark.

Speaking with CNBC, the Microsoft co-founder and prolific philanthropist said that he wished there was an easy way to short bitcoin so that he could take advantage of the opportunity.

"It's kind of a pure "greater fool theory" type of investment", Gates added, also chipping in that he'd bet against the currency if he could. At the press time, according to CoinMarketCap, Bitcoin is traded at $9,393.

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However, considering that Berkshire Hathaway's largest holding at this point is Apple who are largely known for their successful smartphones, Buffett admitted that he made the wrong decision regarding companies like Amazon and Google.

Echoing the words of his business partner Charles Munger, billionaire Warren Buffett called bitcoin "probably rat poison squared" at Berkshire Hathaway Inc.'s annual shareholder meeting on Saturday. "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".

However, in December, two regulated U.S. exchanges - CBOE and CME - launched conventional bitcoin futures products, enabling bulls and bears alike to stake out their bitcoin positions in a secure marketplace.

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What other questions do you have about crypto?

Bill Gates is not the first important figure that talks negatively about cryptocurrencies in general. What Buffett was saying about bitcoin was that you can buy it, but it will never produce anything of value. While both Buffett and Munger have been consistent in their criticism of bitcoin, Gates' recent comment shows a change in his opinion on the cryptocurrency.

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