Warren Buffet is very gracious about the wonderful dinner he had with Justin Sun and his friends, and very appreciative of the 4.5 million dollars donated to his charity by Mr Sun. Recently Mr Warren Buffet said in a interview that Bitcoin doesn’t make anything, can’t send you a check and it has no value.
This caused many people to doubt Bitcoin and wonder what Mr Buffet knows about Bitcoin that Bitcoin enthusiasts don’t know. I personally think Mr Buffets beliefs about Bitcoin reflect more about Mr Buffet then they do about Bitcoin. So I wish to put his remarks in context from my point of view.
Mr. Buffet, one of the riches men in the world has often stated that he got rich by investing in companies with three characteristics; 1. He understands what they make and why people buy it. 2. The company is a household brand. 3. The company is focused on its strength and has a good financials.
These are simple rules, which limit you to one part of the stock market universe. But it’s a very profitable part of the universe. Mr Buffet has built great wealth buying Companies like Coca-Cola with strong brand names, understandable business models, a strong focus on their niche and good financials.
He is famous for not buying during bull markets and buying during bear markets. Historically many of his largest gains came after hoarding cash in bull markets and spending it in bull markets. He has many legendary quotes people love including : “Be greedy when others are fearful and fearful when others are greedy. “ and two which are very applicable to Bitcoin “Buy what you know and can understand” and “Buy good companies with strong brand names and product focus in down markets. “
I don’t have the stature in the financial world to attempt to critique Mr Buffet. I just listen to his words as he describes a formula and way of life which has never failed him and he sees no reason to change it. Why would he or anyone else who follows his historical success?
Mr Buffet believes in investing and he is very clear on the difference between what he considers investing and he considers speculating. It is clear that he has a poor opinion of speculation. Fortunes can be made or lost with speculative opportunities. But his wealth and the wealth of other investors like him was made by investing in a small universe of stocks which fit his criterion. And I believe the rest of the financial market is really just background noise to them. Their focus is their greatest strength and it has rewarded them handsomely.
The world of cryptocurrency is filled with scams, lies and get rich quick schemes. It is also populated by other entities which allow access to the type of financial markets and opportunities not open to every one in the to legacy system. This is not a condemnation it is just an observation that alternatives exist where there is a need.
Paths are cut, roads laid and bridges built when trade and commerce make them profitable. These are not moral imperatives but financial ones.
Mr. Buffet doesn’t need Bitcoin and the people who invest in Bitcoin shouldn’t need Mr Buffets approval.
I suspect Mr Buffet has already forgotten the matter and is focused on the things which matter to him. I suggest Bitcoin enthusiast do the same.
✍️written by Shortsegments.
Read other articles by 
Read shortsegments investment blog on the Steemleo investment Blog
Please follow
Shortsegments is a blogger or writer on the Steemit social media platform, which is an decentralized application hosted on the Steem blockchain.
**Other Applications on the Steem blockchain include popular games like Splinterlands and Next Colony, fitness application Actifit and open world game SteemCity.
Steemit a decentralized platform, so there isn’t a central authority or owner to take your account away from you and your account can’t be deleted. You are the owner of your account
Examples of centralized platforms include Facebook or YouTube.
Curious? Want to learn more about Steemit??
Find out more at this Steem onboarding helps new members! Link
Plus there’s Steem Onboarding to help, and the information is available in Six Languages!
Steem Onboarding helps you apply for an account and is a series of videos which explains how Steemit works. You don’t need to understand everything about the blockchain to post content and our Onboarding help is available in six different languages.
Posted via Steemleo
