According to Warren Buffett, an investment pays people by putting them to work. Buying gold is not an investment because it's not necessarily going towards anyone's paychecks. Buying gold hoping that its price would go up in the future is just speculation. Buying land on the other hand, is an investment because it produces something of value, in the form of crops that grow on it, or act as a space that can be rented out for others to use.
Since cryptocurrencies are speculative like gold, buying them cannot be considered investments, according to Warren Buffett's reasoning.
Here's what Warren Buffett missed
- ICOs fund projects. The money you shell out to buy those tokens, go towards the paychecks of those employees who in turn build a product.
- Buying assets like Bitcoin or Litecoin contribute to the network effects that drive adoption. This in turn helps create a decentralized economy that is self-sustaining.
- Speculating on crypto assets drives human behavior centered around it. For example if STEEM's value rises, more people are going to post articles on Steemit.
This is why buying cryptocurrencies also counts as investing.
he is just bricks and steel man... and it is working for him because of his accumulated wealth... But he missed whole internet revolution and ofc he is not recognizing what is going on with blockchain... He is just an old man with a ton of money...
No one can stop crypto and BTC
@divyanthj, you are right to my own view and understanding on investment because investment is an act of purchasing anything that u hope might increase in the nearest future .... And i also understand that every act of investing is a risk... So this is the reason why i stand with you
Another reason for not supporting cryptos probably is wanting to keep the riches! These guys have the monetary power to get things going for them but in case of cryptos who hold them have complete control - just a thought..that was one of the primary reason that gave birth to cryptos!
This man does not know anything, he just uses so-called big money, which is printed out of the air.
But this ... Andreas M. Antonopoulos This man knows more then this old fart. I am sorry I say this ( Old Fart ) but it is true.
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