Warren Buffett has publicly denounced initial coin offerings (ICO’s) as well as bitcoin and called the cryptocurrency a “real bubble.”
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“You can’t value bitcoin because it’s not a value-producing asset…real bubble in that sort of thing,” said Buffett.
Buffett then continued to comment on initial coin offerings, a fundraising method that exchanges forthcoming cryptocurrency coins in exchange for cryptocurrencies of immediate, liquid value.
Predictably, Buffett believes ICO’s will end unfavorably.
“People get excited from big price movements, and Wall Street accommodates,” BUFFEtT said.
Buffett’s remarks came within a substantial month for bitcoin.
After oscillating near $4,300 in the beginning of October, the price increased to more than $6,100 less than a week ago.
In 2014, Buffett made his first comments about bitcoin calling it “a mirage” and told investors stay away from bitcoin completely.