Warren Buffett, Bill Gates beat up on bitcoin buying as "crazy"

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Tyler Winklevoss has challenged Bill Gates to short bitcoin using CBOE’s bitcoin futures product

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffett explained.

"I like cryptocurrencies rather a lot lower than you do", Munger mentioned to Buffett.

Billionaire Warren Buffett has been buying a boatload of Apple Inc shares and on Saturday suggested he would buy even more shares at the right price.

In the meantime, Bitcoin fell by over 3% on Monday to a little over $9,000.

He said oil has tangible worth, and it can be demonstrated easily - you can use it to run a auto, power cities, generate heat in the winter, and many more.

Over the weekend, Berkshire Hathaway CEO Warren Buffett described Bitcoin as "probably rat poison squared", CNBC reports.

Buffett's business confidant Charlie Munger echoed his boss' proclamations by stating how interest in bitcoin and other related companies is "just dementia".

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Buffett also told his investors that he (and experts he's spoken with) believe hackers are always ahead of defenders and that will continue to be the case, noting that software is written by humans who are not infallible and that code can always be exploited.

[.] like somebody else is trading turds and you're being left out.

He has previously referred to bitcoin as a bubble and not an investment. At the shareholder meeting of The Daily Journal, a newspaper publisher in Los Angeles where Munger serves as chairman, he called it "noxious".

Robust phrases. However to be truthful to bitcoin bulls, each Buffett and Munger have been mistaken concerning the cryptocurrency.

He said investors now are much better off owning USA stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year US government bonds now yielding around 3 percent.

"Do they actually imagine that there is no such thing as a place for, and no worth of, digital, world currencies in an more and more digitalized and globalized world?"

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