A surprising statement by US investor Warren Buffett described Bitcoin as a “rat poison” whose value comes only from optimism that someone else will come and pay you more to buy it.
He said, “Bitcoin is a non-productive asset and has no real value. I do not have any cryptocurrency in my wallet and I will not own it in the future.”
In addition, he stated that the Coronavirus is the time to borrow with low interest, pointing out his focus on strong companies’ shares that are undervalued and “keep them for a long time.”
Bitcoin rose on Wednesday, aided by supportive comments from Arch Investment Management President Cathy Wood.
The largest cryptocurrency rose by as much as 7.2% to about 51,393 dollars and was trading around the $ 50,000 level in Asian trading.
This recovery comes after a difficult week for the cryptocurrency, as it slumped near the $ 45,000 level yesterday, which renewed doubts about the durability of Bitcoin’s rocketing ascent, and made it breathtaking.
Fed Chairman Jerome Powell boosted investor sentiment in general after he indicated on Tuesday that the central bank is not close to unwinding its current quantitative easing policy.
In turn, Wood said, in an interview with Bloomberg, that she is “very positive about Bitcoin, and very happy to see a healthy correction at current levels,” according to what was seen by “Al-Arabiya.net.”
Bitcoin is still below its recent historic peak of $ 58,350, which it retreated after Tesla CEO Elon Musk said in his tweet on Twitter that Bitcoin prices “appear to be high, after describing it earlier as a” less stupid version of cash. “