Buffett says bitcoin “not a currency”

Buffett says bitcoin “not a currency”

POSTED: 04 Mar 2014 10:47
Warren Buffett, chief executive of investment conglomerate Berkshire Hathaway and one of the world’s most respected investors, told CNBC television Monday that bitcoin “does not meet the test of a currency.”

NEW YORK: The Oracle of Omaha is not a believer in bitcoin.

Warren Buffett, chief executive of investment conglomerate Berkshire Hathaway and one of the world’s most respected investors, told CNBC television Monday that bitcoin “does not meet the test of a currency.”

“I wouldn’t be surprised if it’s not around in 10 or 20 years,” said the 83-year-old billionaire, whose nickname stems from his investment savvy and his home city of Omaha, in the US state of Nebraska.

Buffett called the virtual currency, which has no central bank backing and is generated by an automated computer program, “very speculative, a Buck Rogers kind of thing” like the Dutch tulip mania in 1637.

His criticism came on the heels of the collapse of what was once the leading exchange for bitcoin, Mt Gox, in Japan. Mt Gox said it is investigating the disappearance and apparent theft of nearly $500 million worth of bitcoin.

 

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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