Warren Buffett is Wrong About Bitcoin, Gold, Banks: Max Keiser

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Sat, 08/15/2020 - 08:37
Yuri Molchan
Max Keiser believes that Bitcoin might get $1 trl allocated by global investment funds in the near future as Warren Buffett has moved into gold
Warren Buffett is Wrong About Bitcoin, Gold, Banks: Max Keiser
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The vocal Bitcoin proponent and TV anchor Max Keiser has commented on the recent decision of Warren Buffett to move his funds from stakes in major global banks and make a bet on Barrick Gold miner stocks, saying that the Berkshire Hathaway CEO is wrong about gold, banks and, what’s more, he is likely to be wrong by chiding Bitcoin.

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Buffett moves funds from bank’s stocks into gold

Bloomberg has reported that the world renowned investor, aka the Oracle of Omaha, Warren Buffett has decided to shift his investments from banks and move them into the stocks of Barrick Gold.

He has reduced his financial presence in several big name banks, such as JPMorgan Chase, Wells Fargo, etc, after many years of considering these institutions to be a ‘a good business as long as they don’t make major mistakes’, according to Bloomberg.

Previously, U.Today reported that the investment guru and a popular non-fiction writer Robert Kiyosaki slammed Buffett for his ‘old-dated strategy’ of ignoring gold, the stock market and Bitcoin, sitting on his billions of cash.

Now, Warren Buffett has started to gradually move into gold. However, Max Kaiser believes that he is wrong about pretty much everything – gold, banks, airlines and Bitcoin, which Buffett previously referred to as “rat poison squared”.

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"Buffett’s actions likely to push $1 trl towards Bitcoin"

Max Keiser believes that following Buffett’s move into gold, the global investment business is likely to bet 5 percent of its funds on gold.

This, in its turn, lead Keiser to believe that around 1 percent of the funds would be allocated into Bitcoin (following the recent move of MicroStrategy who bought $250 mln worth of BTC). That's $1 trillion.

“Global $100 trillion fund management biz is less than 1% invested in Gold. With Buffett now moving into Gold expect global allocation of 5% AU min. Expect a 1% BTC global allocation ($1 trillion).”

The crypto community and Bitcoiners in particular have always been critical about banks, referring to Bitcoin as something that would put them out of business.

As for gold, the Winklevoss twins have recently stated that unlike Bitcoin, gold has an infinite supply in the space (in particular referring to Elon Musk, NASA and their plan to explore gold and other precious metals on asteroids, while pitching Bitcoin to Dave Portnoy).

Tyler Winklevoss tweeted:

“The supply of gold is infinite in our galaxy, the supply of #Bitcoin will always be fixed. Long-term, there will be no comparison between these assets. Gold will be to bitcoin in the future like sand is to gold today.”

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.