Genesis Mining has purchased billboards near Warren Buffet’s office in Omaha taunting him for his recent negative statements about Bitcoin. The billboards state “Warren: you said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?”.
Warren Buffet is the third wealthiest person in the world with a net worth near $83 billion; he is the chairman and CEO of Berkshire Hathaway which is a multinational conglomerate that owns Geico, Dairy Queen, and Fruit of the Loom and has major holdings in Kraft-Heinz, American Express, Wells Fargo, Coca-Cola, Bank of America, Apple, United Airlines, Delta Airlines, Southwest Airlines, and American Airlines. He has more money than the entire $70 billion Ethereum market cap, and isn’t that far behind the Bitcoin market cap of $141 billion.
He is one of the most successful investors in the world, so when he gives investment advice people take it seriously. Berkshire Hathaway’s book value has grown at an astonishing 19% annually since 1965, 10% better than the S&P 500.
Recently, Warren Buffet made cryptocurrency headlines when he gave his negative opinion on Bitcoin and cryptocurrency in general. He says Bitcoin is not really an investment because it lacks intrinsic value in the sense that it doesn’t produce anything. This is actually incorrect since the intrinsic value of Bitcoin and cryptocurrency is that it is a form of money that is easy to use, fast, efficient, decentralized, anonymous, and cryptographically secure.
Even though Warren Buffet admits he knows very little about blockchain technology, he is certain that cryptocurrency will come to a bad ending, in the sense that Bitcoin will lose all value. He says this despite Bitcoin going up on the order of 1000% in the past year.
At the 2018 annual shareholder meeting for Berkshire Hathaway, Warren Buffet said Bitcoin is probably rat poison squared. This has sparked the creation of a Rat Poison Squared clothing line and a new cryptocurrency called Rat Poison Squared Coin.
As the billboard indicates, Warren Buffet missed opportunities in the past to invest in Google and Amazon, which are now a couple of the biggest internet companies in the world. He has largely avoided tech stocks because he doesn’t understand their business models, similar to how he is avoiding cryptocurrency because he doesn’t understand blockchain technology.
Genesis Mining is one of the largest cloud Bitcoin mining services in the world, and aside from the fun of taunting Warren Buffet for his ignorant views regarding cryptocurrency, these billboards serve as a publicity stunt for them to attract more business.
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