BITCOIN FALLS AFTER BUFFETT CRITICISM
The price of bitcoin has nosedived following renewed crypto criticism from renowned investor and CEO of Berkshire Hathaway, Warren Buffett. Despite reaching a high of $11,700 in March, bitcoin tumbled throughout April and is now trading at $8965. The digital currency has had three consecutive days of losses following negative media attention.
At the annual Berkshire Hathaway shareholder's meeting which took place on Saturday 5th May 2018, Buffett was questioned yet again about his crypto stance. He expressed his views that cryptocurrencies would come to a ‘bad ending’ and compared them to ‘rat poison squared.’
During a three hours exclusive CNBC interview on Monday, millionaire Buffett also reiterated his negative crypto views by saying that that bitcoin had no value and that buyers only bought it hoping that the price would go up.
However, Warren has been wrong before. He is famously known for avoiding technology companies like Google and Facebook when they became public. Had he invested then, his holdings would have been significantly larger. He also invested in IBM, an investment he exited recently at a loss.
Despite tumbling bitcoin prices, there is still a probability that the BTC/USD pair will continue moving higher, as Wall Street moves to recognize the value of cryptocurrencies. Traders should watch out for the psychologically-important level of $10,000. If it crosses this price, there is a chance that it could continue the upward momentum and possibly test the $11,700 high.