Tuesday, May 08, 2018
Rat Poison
With this kind of negative publicity for Bitcoin, how can it survive? Warren Buffett and Charlie Munger have been negative about cryptocurrency for a long time. Calling it names is the latest in their barrage of blunt remarks. Despite enthusiasts who defend Bitcoin, the two men have a point. There is no intrinsic value to the computer coin. It is whatever people agree it to be at any given moment. It rises and falls with no apparent reason and no underlying guarantee of worth. Buying and selling rest on the greater fool theory. Speculation is faddish. People get excited and want to try it out. Some make money. Most don't. Bitcoin might not go away but over time it should recede in public consciousness, especially if it proves to be as bad an investment as it is now. Negative publicity will not stop foolish investors, but it should cause most to pause.
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