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Warren Buffet Buys Gold Over Bitcoin Sparking Debate

The older generation is more comfortable buying gold than bitcoin. This is exemplified by Warren Buffet buying the stock of a Canadian gold mining company Barrick Gold. Buffet has been the center of several discussions regarding bitcoin. He has weighed in on the discussion on several occasions and has remained adamant that the internet currency has no value whatsoever. Even amidst global economic turmoil, Buffet has maintained a strict hands off bitcoin policy. Buffet in the past has also decided against investing in gold, as he claims the metal has no utility. The sudden move to purchase gold has investors wondering why Buffet bought gold over bitcoin.

investor sitting on pile of gold looking at bitcoin

Peter Schiff Weighs in on Gold vs. Bitcoin

According to Peter Schiff, bitcoin is just a passing fad. The bitcoin community then asks, which part? Is the aspect where bitcoin has come from nothing to more than $12k USD (at the time of writing)? Is it the part where it has become the strongest, and most widely distributed computational network on the planet? What about the fact that 100 million people have/are using it. At what point will Peter Schiff concede that bitcoin is not a fad? 

A true bitcoiner may tell you that the price doesn’t even really matter much. The bitcoin network has utility despite the price of the underlying asset. The network will continue to function as intended regardless of how much one bitcoin is worth. This is in part one of the reasons why bitcoin mining companies stock has risen faster than bitcoin itself. So no, bitcoin is not a fad, it’s a massively useful network with an intense number of use cases. It is odd that the older generation of investors have such a hard time grasping the concepts that inform the value proposition of cryptocurrencies.

Anthony Pompliano Takes to Twitter for the Battle of Bitcoin

There is no shortage of minions in the bitcoin army to take up arms against investor powerhouses such as Peter Schiff and Warren Buffet. Much of the debate takes place directly on twitter. One such warrier is Anthony Pompliano, a popular bitcoin podcaster who is extremely bullish on bitcoin. Anthony frequently takes arms on twitter against those who would dissent from the bitcoin narrative. Pompliano’s carefully formulated and potent arguments tend to put the representatives on the other side of the narrative to rest.

The Day Buffet Buys Bitcoin

Many are waiting for the day when Warren Buffet publicly announces that he’s made a mistake, and declares Bitcoin as the greatest asset of all time. Although we may never see this day. Buffet is currently 89 years old, and so his window of opportunity for redemption within the bitcoin community is dwindling. Perhaps Buffet’s plan is to sit on his pile of gold until his end of days. Here at Cryptovantage, we can hope that Buffet will one day declare his allegiance, and give his blessing to the all mighty bitcoin. 

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About the Author

Keegan Francis

Keegan Francis is a cryptocurrency knowledge expert and consultant. He recognized the opportunity in cryptocurrency early in his career and has been invested in it since 2014. His passion led him to start the Atlantic Blockchain Company which consults on blockchain technology and cryptocurrency know-how.