Why do great investors hate Bitcoin?

credit: Finance Jane

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.

With Bitcoin, transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

In this video, five great investors give their reasons why they don’t like Bitcoin. The investors include Warren Buffett, his business partner Charlie Munger, Vanguard founder John (Jack) Bogle, Bridgewater founder Ray Dalio, and Microsoft founder Bill Gates.

Most of the big investors believe Bitcoin is pure speculation and an economic bubble. Some call it ‘artificial gold’ and will have ‘a bad ending’.

It is important to note that not all big investors/businessmen are against Bitcoin. Elon Musk, the CEO of Tesla and SpaceX, is a long-term crypto supports. He frequently tweets about Bitcoin and Dogecoin, which strongly influence the market prices of the two cryptocurrencies.