The crypto community has criticised investment tycoon Warren Buffett for his unfavourable opinions about cryptocurrency. Peter Schiff, a well-known opponent of cryptocurrencies, has come out in favour of Buffett and recently criticised journalists and celebrities for being too quick to discount Buffett’s investing advice. Buffett is widely recognised as one of the greatest investors of all time.
In his remarks, Schiff accused the “Bitcoin shills” who work for CNBC of agreeing with one another to denounce Buffett’s doubts about BTC.
Buffett has been outspoken about his disapproval of cryptocurrencies, especially Bitcoin. He described bitcoin trading as a risk and said that even at a price of $25, he would not purchase all of the available Bitcoins. Buffett claims that the fact that cryptocurrencies don’t generate anything is the basis for his scepticism towards them.
Buffet is against gold, too
It is intriguing to observe that Buffett and Schiff have same opinions about gold, a commodity that Schiff is well recognised for being a strong supporter of. Buffett acknowledges the ornamental and industrial uses of gold, but he does not consider them to be particularly advantageous or procreative. Schiff, on the other hand, believes that owning gold is a better option than keeping fiat money.
Despite the disagreement, Schiff doesn’t appear perturbed, tweeting that he agrees with Buffett’s long-term investing preference for solid firms over gold.
