Warren Buffett: Why You Should Never Invest In Bitcoin (BTC Manipulation Theory)

“If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it.” — Warren Buffett

Warren Buffett is certainly not how he publicly portrays himself. There’s the character Warren Buffett, who is framed as some folksy old-time investor just buyin’ good old stocks like you buy your fast food and television sets!

Then there’s the reality that he’s much closer to someone like George Soros , Stanley Druckenmiller, who famously “broke the Bank of England,” or Paul Tudor Jones.

But why doesn’t Warren Buffett like Bitcoin? Ever ask yourself that? Here’s why:

Why Warren Buffett Continues to Hate Bitcoin

Earlier this year, Buffett said about his views on Bitcoin, “I’ve seen people do stupid things all my life.”

Savage and based, old man. Whether you love Buffett or hate him, Buffett is the most successful investor ever.

One of Buffett’s oldest criticisms against Bitcoin is that it is fake internet money, which is true to some extent.

( BTCUSD )

Buffett is right to some extent; 99% of cryptocurrencies are manipulated to death or die a slow bleed. Just look at Terra Luna or Litecoin.

Bitcoin is abstract internet money. But we at 99Bitcoins wouldn’t call it any faker or more speculative than the currencies conjured up by central banks. They print money in very speculative ways to serve government interests and rob you of your savings’ value.

Central banks want you to live in the moment, spending your money and saving nothing. This is why they inflate away your savings. It’s by design.

In its most basic form, Bitcoin represents an opt-out of inflationary currency printing. Since it’s not only for speculation and has economic utility, I would say it’s much more than “fake internet money.”

Bitcoin is Too Slow, Isn’t It?

Warren Buffett is a simple man from simpler times; even so, he cites Venmo, Cash App, Zelle, and PayPal as having an edge over BTC in terms of speed. Moreover, speed is why Bitcoin was split or “forked” into Bitcoin Cash, which is faster while still having the benefits of Bitcoin.

( BTCTracker )

The short answer to Buffett’s criticism is Bitcoin is not slow for what it needs to do. Bitcoin’s global network updates about every 10 minutes, allowing you to send money worldwide in 10 mins. Compare this with a bank that takes three working days to send your money or even refuses to send it to certain places like DRC or Cuba.

Bitcoin isn’t a replacement for fiat currencies; it’s a hedge against currency debasement.

Warren Buffett: What About Gold?

When asked about #Bitcoin , Buffett proceeds to ramble for 4 minutes about chain letters, gambling, lotteries, his honeymoon, uncle Fred, Las Vegas, Bugsy Siegel, and sports betting…

If you get your Bitcoin advice from Buffett, I feel sorry for you.

Do your own research. pic.twitter.com/ItelYNDacn

— Walker⚡️ (@WalkerAmerica) April 12, 2023

Investing in precious metals was the best way to exit the central banking system. Then, crypto was invented.

Bitcoin has several advantages over shiny coins:

• It doesn’t weigh anything. Sending and carrying gold around to use as a currency is costly
• It costs nothing to store
• Storing precious metals involves security and cost
• It can be sent anywhere around the world to anybody
• It’s divisible to many decimal places
• It can not be debased. While central bank currencies are debased institutionally, gold and silver can also be debased or subject to price suppression.

Warren Buffett invested in assets protected by the government, such as Goldman Sachs’ preferred stock and oil companies like Chevron.

Thankfully, all signs point to Bitcoin being properly regulated when the current SEC Chair, Gary Gensler, leaves office. His replacement is expected to be far more friendly towards digital assets, especially with the SEC close to allowing a BTC Spot ETF for the banking giant BlackRock.

(this will make it easier for mom and dad to invest in bitcoin)

A Final Thought on Buffett Vs. Bitcoin

Bitcoin was initially invented as a kind of ‘digital global currency’ and an alternative to central banking. While it failed in some ways (you will likely never buy your coffee with Bitcoin), it is emerging as an excellent hedge against inflation and currency debasement.

Maybe Buffett is too out of the game to care about something like this… though he has his gripes about fractional reserve banking.

All in all, if you want to preserve your wealth in the age of central money printers, Bitcoin is a good long-term bet.

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