Bitcoin price retreats from $10k after Bill Gates and Warren Buffett bashing

Bill Gates said he'd short Bitcoin if he could.                  Jack Taylor  Getty Images

"It's an wonderful company", Gates said on CNBC Monday, in an interview at the Berkshire Hathaway shareholder meeting. "It's kind of a pure "greater fool theory" type of investment", Gates noted.

While calling himself a Buffett "disciple", Palihapitiya told CNBC that Buffett is wrong about bitcoin. According to CNBC, Bill Gates is so averse to bitcoin and other cryptocurrencies that his only involvement with it resulted from a birthday present-which he sold a few years later.

"Bitcoin and ICOs, I believe completely that [they're some] of the crazier, speculative things [you could invest in]", he said. Tyler Winklevoss tweeted out to Gates, daring him to short Bitcoin. "To me Bitcoin is nearly as bad".

That he doesn't - even while protesting that he wishes he could - is telling. Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year. Munger referred to BTC as "worthless, artificial gold" with Buffet and Gates both agreeing.

On the subject of ICOs, he considers them to be speculations of a insane variety.

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In a similar manner, the Berkshire Hathaway vice chair argued in February that Bitcoin was totally asinine, saying that people get involved in crypto because everyone wants easy money.

Shorting is a method of trade where you bet against the market going down and make profits on the inverse of trends.

Bill Gates' opinion closely resembles that of his colleagues on the company's board, Warren Buffet and Charles Munger. Though blockchain was initially used only as an underlying technology for Bitcoin, now companies are actively examining ways for implementation of blockchain in many other areas like trading, banking and supply chain management. In a previous interview, he said Cryptocurrencies are being used to buy drugs and directly cause deaths.

"I think anybody that tells you now that they think they know in some actuarial way either what general experience is likely to be in the future, or what the worst case would be is kidding themselves".

After all, the world runs on software, and software is written by humans who are just as flawed as you and me.

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