"It's probably rat poison squared": Warren Buffett launches fresh tirade on cryptocurrency


A cryptocurrency conference, Bitcoin Day in Omaha, was coincidently scheduled during the same weekend as the Berkshire Hathaway annual shareholder meeting, but organizers had to cancel after the event's location host cited "conflict" with events on the same day.

He said investors now are much better off owning US stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year USA government bonds now yielding around 3 percent.

Apple closed 0.7% higher at $185.16 on Monday, giving the company a market cap of $939 billion. That makes his Apple position worth about $46.3 billion at current prices.

Apple's stock has been further boosted by news that Warren Buffett has endorsed Apple wholeheartedly, telling CNBC that he would love to hold 100 percent stock of Apple.

"What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency", Nigel Green, CEO of financial consulting firm deVere Group, wrote in a report early Monday.

"I clearly like Apple". Indeed, the company plans to use part of its cash to buy the shares and increase dividends.

Apple is now just US$16 per share short of reaching the much-anticipated US$1t mark. "Now, somebody calls that a store of value, I think they're delusional".

"I've been familiar with the company", he said, noting that he knew Apple co-founder Steve Jobs. "There's no reason at all for me to encourage people to buy Apple". "So we very much approve of them repurchasing shares". But in terms of recent times - well - it - it was - it was - it was a company I liked, a business I liked very much.

Berkshire Vice Chairman Charlie Munger says "We'd do a lot better in all our stock picking if we did it in retrospect".

Buffett said he would be happy to see the Apple share price fall if it would spur repurchases.

Not only did Apple made iPhone sales in March quite strong, the CEO, Tim Cook boasted during a subsequent earnings conference, saying that the iPhone X was the most popular iPhone model for every single week during the quarter.



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