How Warren Buffet convinced me not to invest in crypto
Warren Buffet once said, “Be fearful when others are greedy, and greedy when others are fearful.” But what does that have to do with cryptocurrencies?
Nobody wants to get rich slowly
Warren Buffet is known as the world’s greatest investor. Few follow his principles, but if they did, they’d see that investing successfully is quite straightforward. Though his “buy and hold” principle requires something that most people don’t have: patience.
Jeff Bezos once asked Buffet, “your style of investing is so simple. Why doesn’t everyone just copy you?”
He replied, “because nobody wants to get rich slowly.”
This could be why cryptocurrencies are of great interest to many. They offer the promise of getting you rich quick.
But is buying them such a good idea?
Warren Buffet hates crypto
To say that Buffet hates crypto isn’t an exaggeration. Buffett once said that bitcoin is “probably rat poison squared.”
He also said, “Whether [bitcoin] goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything.”
