Thursday, August 20, 2020



   Warren Buffett has changed his mind about gold as an investment, prompting some to think that he might do the same with bitcoin. Max Keizer had predicted that the CEO of Berkshire Hathaway would panic buy bitcoin for $ 50,000.

Buffett Changes His Mind About Gold, Bitcoin Could Follow

Billionaire investor Warren Buffett has always had a negative view of gold as an investment. He has previously said repeatedly that he would rather buy shares in good companies than invest in gold. However, that has changed.

Buffett's company, Berkshire Hathaway, revealed on Friday that it had dumped bank shares and took up positions in gold miners. The price of gold has recently jumped to more than $ 2,000 an ounce. Berkshire Hathaway closed positions at Goldman Sachs completely, reduced positions at JP Morgan Chase by 61%, and sold stakes in Wells Fargo and PNC. Instead, the firm bought a stake in Barrick Gold, one of the top gold mining companies, sending miner shares soaring Monday along with those of competitors.

Another investment made by Oracle of Omaha that goes undisclosed is bitcoin. In 2018, he called cryptocurrency "rat poison squared." In February, he had lunch with Tron founder Justin Sun and several other crypto company executives. Sun gave him his first bitcoin, which was stored on the Samsung Galaxy Fold phone. However, the billionaire investor donated him to charity and emphasized that he would never own bitcoin.

Nonetheless, Buffett's change in attitude towards gold has left people in the crypto sector wondering if he will do the same with bitcoin. Jason Williams, co-founder of Morgan Creek Digital, tweeted Saturday:

" Buffett sold banks and bought gold. He will buy bitcoin soon. "

 While some in the crypto niche see Buffett's change of heart for gold as bullish for bitcoin, many on social media still don't believe he will invest in BTC. One Twitter user argued, "He's not tech savvy but he's old as gold, so that makes sense." Others suggested that he was too stubborn to buy bitcoins. "His pride is much more valuable to him," said a third user. Some believe that the CEO of Berkshire Hathaway has been secretly investing in bitcoin.

Gold beetle Peter Schiff is optimistic about “Buffett is finally buying gold stocks,” he tweeted, adding: “Warren Buffett knows inflation is a tax. If you don't want to pay taxes, buy gold or gold stocks, as Buffett does. "

Some people try to guess at what price level Buffett will start buying bitcoins at. Popular television personality and bitcoin supporter Max Keizer sees Buffett's gold investment as a positive for bitcoin. Believing that CEO Berkshire Hathaway will start frantically buying $ 50,000 worth of cryptocurrency, the same level he feels will lure Schiff and veteran investor Jim Rogers, Keizer tweeted out a quote originally given to Cryptopotato: 

" Warren Buffett will start panic-buying bitcoin at $50,000, just like Peter Schiff. "

 Do you think Warren Buffett will change his mind about bitcoin? Let us know in the comments section below. 


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