Warren Buffet’s Spiteful Comments Sends Bitcoin Tumbling Over the Weekend

Warren Buffett’s scorn for Bitcoin (BTC) received a very broad exposition during the 2022 Berkshire Hathaway Annual Meeting. Known as a long-term critic of the premier digital currency, Buffett reiterated the fact the digital currency has no attached value and that no matter the public embrace, he would not buy the cryptocurrency.


“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”

In cementing his stance against the digital currency, Buffett compared investments in Bitcoin to that of farming and real estate. 

The billionaire said he could write a $25 billion check each for 1% of the farmlands in the US or to get 1% of the real estate industry as he believes they can produce value in the long run. He said he cannot invest $25 in BTC, noting that he would have to speculatively sell it to make his money back.

The words of Warren Buffet was re-echoed by those of Charlie Munger, his long-term friend and co-executive who also shares a common scorn for the nascent asset class. Munger called Bitcoin evil on three major premises. In his words;

“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and bitcoin does all three,” Munger said. “In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the Federal Reserve System… and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.”

The bearish comments sent a massive shockwave into the broader digital currency ecosystem all through the week as the global market cap slumped by more than 1.52% at some point to touch $1.7 trillion. Bitcoin lead the losses as it touched a low price of $37,585.79, the lowest level recorded in the past week.

Image source: Shutterstock


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37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations

Recent research reveals that US cryptocurrency investors have an average allocation of $1,107 in digital assets. About 37% of the investors confessed non-liquidation of their crypto holdings even for important bills or other payments.

However, there’s this discovery that Elon Musk has a great influence on the crypto-related decisions of most respondents.

A survey of 1,000 US crypto investors by GamblersPick, a betting platform, displayed a shocking revelation. 37% of these holders won’t dispose of their assets irrespective of the circumstance. Furthermore, 51% confirmed that luxury purchases wouldn’t be too enticing for them to opt for cash out.

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Also, the survey took a critical examination of the different generations of crypto investors. It reveals that the Baby boomer and Generation Z groups have the largest and the least investment in cryptocurrency, respectively.

In addition, the male forks have more interest in digital investment than women, with an average of $1,940 worth of cryptocurrencies. On the other hand, the statistics for the female is at a median value of $1,375 worth of digital assets.

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From its survey, GamblersPick discovered an increase in the demand for digital assets among US investors. This recent surge in demand even prompts people to borrow cash from family and friends to invest. It reflects in the results of the use of credit cards in purchasing cryptocurrencies by every fourth respondent.

The investors revealed that they plan to increase their cryptocurrency investments by adding an average of  $1,645 within 12 months. The statistics have men on the lead again with the proposal of increasing with $1,988 while women plan for $1,100.

What Influences Decisions Of Cryptocurrency Investors?

Furthermore, the research reveals the reason behind the recent increase in interest in crypto investments. Most of the respondents, amounting to about 75%, confirmed their confidence in a future surge in the value of digital assets. Moreover, while 24% see cryptocurrency as a means of gaining great returns, 32% use it to diversify their portfolio.

Investors Declining To Liquidate Cryptocurrency Assets in Bearish Situations Amount To 37% In U.S.

Investors Declining To Liquidate Cryptocurrency Assets in Bearish Situations Amount To 37% In U.S.

The cryptocurrency market is back on track after a bearish pullback | Source: Crypto Total Market Cap on TradingView.com

Additionally, about 21% of the participants used cryptocurrency as a hedge over inflation that emanates from the swindle in the economic condition. The recent COVID-19 pandemic, as well as the massive national currency print-out, are contributory factors.

Related Reading | Solana Continues Bullish Trend, Becomes The 10th Largest Cryptocurrency

Also, online forums and social media have a prominent influence on cryptocurrency-related decisions and moves on U.S. investors. Among them is Reddit that topped the list having about 34% influential power.

Others include Twitter, Youtube, and Facebook, with their influences rated as 26%, 23%, and 16%, respectively. When it comes to influences from individuals, a man stands out among others. His influence is even greater than those from the mentioned companies above.

He is Elon Musk, the CEO of Tesla, a popular electrical car company. 35% of the research respondents confessed that their choices in digital assets are based on Musk’s statements, opinions, and tweets.

Other influencers are Warren Buffett ranking second and Snoop Dogg, the rap star, ranking third. They have an influential rating of 9% and 7%, respectively.

Featured image from Pixabay, chart from TradingView.com


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Fear And Greed: Sentiment Turns Neutral As Bitcoin Stagnates, What To Do?

It’s the calm before the storm. What to do when the Fear and Greed index turns grey? Warren Buffett already told us to be greedy when others are fearful. We already know that we should be fearful when others are greedy. What should we do when the market it’s at a rare state of balance and expectations are high? We should probably take a page for those Bitcoin maximalists and… wait for it… HODL!

One of the main criticisms that the Fear and Greed Index gets is that it encourages traders and investors to try to time the market instead of holding strong. Bad things happen to those who try to time the market. Yet, we try to do it. The temptation is too strong. Bad things happen to those who trade emotionally. Yet, some fall for that trap over and over again. In fact, it could be argued that the Bitcoin and cryptocurrencies markets are even more emotional than the traditional ones. And that’s saying a lot. 

In any case, before making any rash decisions, we should remember what we’re talking about here.

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Fear & Greed Index, Arcane Research chart

Fear & Greed Index, Arcane Research chart

The Fear & Greed Index goes into neutral territory | Source: Arcane Research

What Exactly Is The Fear And Greed Index?

We at NewsBTC deal with this constantly. Even though the Fear and Greed Index is a criticized and questionable indicator, there’s an undeniable connection to the market that’s obvious even to the casual observer. When we found a bizarre correlation between the Fear & Greed Index and UTXO data, we prefaced it with:

“As a speculative asset, nothing else quite behaves like Bitcoin. Shifts in sentiment take price action to the extreme. As a result, tools have been developed to monitor the fear or greed in the market.”

The website Alternative.me calculates the main Fear And Greed Index for cryptocurrency markets, they explain its reason to be as:

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The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreactions. There are two simple assumptions:

  • Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.

  • When Investors are getting too greedy, that means the market is due for a correction.

We, very simply, explained why when we described how the Fear And Greed Index can be used as a trigger indicator:

“Financial market sentiment can almost always be used as a contrarian indicator. But in a speculation driven industry where hype and buzz matter more than fundamentals, this is even more true.”

BTCUSD price chart for 08/04/2021 - TradingView

BTCUSD price chart for 08/04/2021 - TradingView

BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com

What Does It Mean When The Sentiment Turns Neutral

After what seemed like years of coldness and extreme fear, the market sentiment started improving as early as a week ago. And, even though it doesn’t feel that way, this advance into neutral territory is a huge improvement. As Arcane Research said in their “The Weekly Update” report:

“The Fear & Greed Index has climbed rapidly since late July and touched neutral levels for the first time since May. Despite the slight decline in the last couple of days, the market is certainly getting more bullish. This bullishness is also evident in the futures market.”

So, what should you do now that the sentiment turned neutral? Not much. Keep your finger on the trigger, though. Things are about to get interesting.

Featured Image by Kristopher Roller on Unsplash - Charts by TradingView


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JPM Survey: 30% Agree With Warren Buffett on Bitcoin Being ‘Rat Poison’

A survey conducted by the American multinational investment bank JPMorgan Chase & Co. revealed that most big investors do not find the crypto market appealing as only 10% of the participants asserted they trade digital assets. Moreover, 30% of the people agreed with Warren Buffett’s opinion that BTC is a ”rat poison.”

The American Institutional Investors Stay Away from Crypto

JPMorgan Chase & Co. surveyed around 3,000 US investors from more than 1,500 institutions.

The vast majority of the participants (90%) said their companies don’t invest in digital assets as 80% of them asserted they would never enter the crypto market.

It is worth noting that nearly 30% of the surveyed shared a similar opinion with the crypto disbeliever Warren Buffett that Bitcoin is a ”rat poison.” An additional 16% of the investors stated that the primary digital asset is a ”temporary fad.”

Four-fifths of the participants raised hopes for tougher restrictions on dealing with crypto. At the same time, almost every single attendant opined fraud in the space was “somewhat or very much prevalent.”


On the other hand, 40% of the investors affirmed that they have been active on the crypto market with their personal investments.

The Younger Generation Is Fond of Crypto

Another recent survey conducted by Spectrum Group revealed that most of the rich millennials in the US think differently.

According to the results, almost 50% of the young investors with at least $1 million in their portfolio have staked no less than 1/4 of their wealth in cryptocurrencies. A further 30% of the poll participants have allocated more than half of their assets in the crypto market.

The president of Spectrum Group – George Walper – explained why the younger generations find the market so attractive:

”The younger investors jumped on it early when it was not as well know. They were more intellectually engaged with the idea even though it was new.”

On the other hand, the majority of older investors owning at least $1 million are not keen on digital assets as 83% of them do not believe in them. As a matter of fact, only 1 in every 10 keeps more than 10% of their funds in cryptocurrencies:

”Older investors and the boomers were largely saying ‘Is this legit?’ Older generations are further behind on the understanding.”


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Berkshire Hathaway invests $500M in Brazilian digital bank

Brazilian digital bank Nubank has raised $500 million from Berkshire Hathaway, a multinational holding company run by billionaire Warren Buffett.

In an announcement from Nubank on Tuesday, the digital bank said the $500 million investment would be used to continue its international expansion — the company recently launched in Colombia — as well as attract new executives from major tech companies. Nubank reported it has more than 40 million customers in Brazil, Mexico and Colombia.

Nubank CEO David Vélez said the funding would help in “democratizing access to financial services” across Latin America. He said that only half the people in the region have bank accounts, with roughly 21% using credit cards.

“No one thought it was possible to change the financial system, but we were always convinced that there was room for disruption and innovation and, more importantly, that customers deserved better service,” said Vélez.

Buffett has personally spoken on Bitcoin (BTC) and other cryptocurrencies previously, saying they “basically have no value” and that he will never own any himself. In a shareholders meeting last month, vice chair Charlie Munger referred to crypto as “useful to kidnappers and extortionists.”

However, over the last year, the multinational conglomerate has invested in more firms related to technology and beyond, including cloud technology company Snowflake. Berkshire Hathaway also


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Warren Buffett Dodges $2 Trillion Crypto Question As Partner Munger Says Bitcoin Is Bad for Civilization

Berkshire Hathaway CEO Warren Buffett and company vice chairman Charlie Munger are sending a clear message that they are not fans of cryptocurrencies despite the meteoric rise of the emerging asset class. 

During the company’s recent annual shareholder meeting, the Oracle of Omaha dodges a question regarding the $2 trillion valuation of cryptocurrencies as he does not want to make any statement that may not be to the liking of hundreds of thousands of crypto holders watching the event. 


“We’ve probably got hundreds of thousands of people watching this that own Bitcoin, and we’ve probably got two people that are short. So we got a choice of making 400,000 people mad at us and unhappy and or making two people happy. And that’s just a dumb equation.”

While Buffett kept his opinion to himself, his long-time business partner Charlie Munger did not hold back in his statements. 

“I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth. Nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So I think I should say, modestly, that I think the whole damn development is disgusting and contrary to the interests of civilization. And I’ll leave the criticism to others.”

Buffett and Munger have long been critics of crypto. Buffett thinks that cryptocurrencies have zero value and once called Bitcoin “rat poison squared.” During a CNBC interview last year, he vowed never to own any cryptocurrency.

Munger also says Bitcoin has no value, noting that it is “worthless, artificial gold” and trading cryptocurrencies is “just dementia.” 

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Bitcoin is a ‘disgusting’ product that comes ‘out of thin air,’ says Charlie Munger

Charlie Munger, billionaire investor and vice chair of Warren Buffett’s Berkshire Hathaway conglomerate, did not mince words when it came to describing his feelings on crypto.

In the Berkshire Hathaway Annual Shareholders Meeting streamed live on Saturday, Munger addressed questions from investors alongside his fellow billionaire. While Buffett said he would intentionally dodge a question on whether cryptocurrencies were “worthless artificial gold,” Munger’s response was more direct, positing that the questioner was just “waving the red flag at the bull” in addressing him.

“Of course I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth,” said Munger. “Nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air.”

He added:

“The whole development is disgusting and contrary to the interest of civilization.”

Buffett acknowledged there might be “hundreds of thousands of people watching that own Bitcoin,” and only two shorting the coin, leading to his reticence in saying anything bearish on crypto. However, the billionaire investor has previously said “cryptocurrencies basically have no value” and he will never own any himself.

Munger, a 97-year-old worth more than $2 billion, is also a known Bitcoin (BTC) critic, claiming in February that the crypto asset is “too volatile to serve well as a medium of exchange.” The billionaire investor called cryptocurrencies “totally asinine” during a Daily Journal annual meeting with shareholders in 2018.