Bitcoin does not need the support of Warren Buffett https://ift.tt/3FgVXIb

According to MicroStrategy founder and CEO Michael Saylor, Bitcoin does not need Warren Buffett’s backing to thrive.

That’s what he said during the company’s Investor Day 2021. 

Bitcoin, the criticism of Warren Buffett, and the defense of Michael Saylor

Buffett, also known as the Oracle of Omaha, has repeatedly expressed doubts, criticism, or even fierce attacks against Bitcoin, but for Saylor, this does not mean at all that Bitcoin is doomed. 

In fact, during the virtual conference, he said: 

“Warren Buffett never bought Microsoft stock, and he was best friends with Bill Gates for nearly a generation.So just because successful investors don’t embrace bitcoin doesn’t mean that it’s not going to grow. Microsoft has been quite successful even without a Berkshire Hathaway investment.”

To be fair, Buffett is famous not only for not taking advantage of the opportunity to make a lot of money by investing in Microsoft, despite being good friends with Bill Gates, but also for making other similar mistakes in the past with other companies such as Apple and Amazon. However, it must be said that then over time, in these cases, he changed his mind. 

In fact, in the past, Buffett’s rude and heavy remarks about Bitcoin have never been able to make its value collapse. At the most, they created some passing FUD that had negative impacts on BTC only for short moments. 

Saylor, therefore, seems to be exactly right when he states that Bitcoin does not need Buffet’s support. On the contrary, its trajectory continues to be upward, over the long term, even despite the Oracle of Omaha’s attacks. 

Berkshire Hathaway’s performance

In particular, the CEO of MicroStrategy then also pointed out that lately, the financial performance of Berkshire Hathaway, i.e., Warren Buffett’s company, has not been particularly exciting. 

He pointed out in a market phase characterized by great liquidity and off-axis P/E Ratio that it is not performing as well as it used to. The hypothesis suggested by Saylor is that Buffet is no longer able to adapt during this era of illogical fundamentals.

However, it should be pointed out that BRK.A stock on the New York Stock Exchange during 2021 has still posted an egregious +27%. 

In other words, Buffet is neither invincible, nor omniscient, nor even perfect, even if his qualities remain exceptional on the whole. It should also not be forgotten that he is now over 90 years old.