Warren Buffett criticised cryptos. Why him and Goldman Sachs boss are so smart just now? Why are they now talking about cryptos?
Wants to save face
Let’s think – I’m Warren Buffett, 3 years ago I was wrong about cryptos, last year Bitcoin went crazy and jumped 16x, how do I save face? Oh, yeah, I’ll say that there will be a correction and I will seem like a genius again. This week Warren Buffett criticised cryptos. Of course, there will be a correction, it’s the market, dough, Warren.
Remembered their clients
Goldman Sachs boss is no better. One day he said that he hates them and like Warren Buffett criticised cryptos, the other he backpedaled. What happened? Maybe he remembered that his own bank Goldman Sach is starting a trading desk for cryptocurrencies this summer. Oh yes, way to go Goldman.
Why the speeches?
Why are the big bosses starting to talk about cryptos? Because this year is the year when institutional investors are going into the crypto market and not all are big fans of that.
Warren Buffett criticises cryptos like he didn’t play with Britains pound in the past. And, I forgot, has he any cryptos that we know of? Oh, that’s right, no. Buffett wants that the peoples’ money would stay where his familiar grounds are.
Masses come, masses go
The money follows the masses. Masses liked the joke crypto Doge – here you go – this week it passed 2B$ mark. Economists are criticising cryptos because they say it doesn’t have value – but the same principle goes for the dollar. What value has it? The same goes for cryptos – they have value as long as we believe so.
If you would like to check what other economists said in our survey, you can check it right here.