Despite a significant rise in market valuations and growing use cases, veteran stock picker Warren Buffett's opinions on cryptocurrencies haven't changed for the better.
What has changed is the perspective of certain cryptocurrency tycoons, who went from calling Buffett's stance a “big mistake” to recognizing his freedom of choice.
What happened: Back in Jan. 2018, Buffett, Chairman and CEO of Berkshire Hathaway, earned the ire of the cryptocurrency advocates by making a gloomy prediction for the asset class.
"In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending,” he said.
The remark drew outrage and even prompted a response from Changpeng Zhao, the founder and former CEO of cryptocurrency behemoth Binance BNB/USD. With a net worth of $33 billion as per Forbes, CZ is the wealthiest cryptocurrency personality as of this writing.
"I do not think he understands cryptocurrencies at all. It is what it is," Zhao, popularly known as “CZ,” said in a Bloomberg interview a few days later.
CZ went on to say that, while he respects Buffett’s accomplishments over the years, the “Oracle of Omaha” was making a “big mistake” when it came to cryptocurrency.
The following year, the Binance founder declined an invitation by Tron TRX/USD founder Justin Sun to attend a lunch date with Buffett.
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While one would assume CZ would use his influence to get one of the biggest investors in history on cryptocurrency's side, this wasn't the case.
Nearly four years after he termed Buffett’s aversion to cryptocurrencies a mistake, CZ said it's not "necessary" for everyone to get exposure to the asset class.
“I wouldn't convince him to invest in crypto," CZ said about Buffett, invoking ideals of freedom.
Why It Matters: It remains to be seen whether Buffett’s position on cryptocurrencies will change in his lifetime.
While he made headlines with his unpleasant remarks, the Berkshire Hathaway Chairman has made no mention of the asset class in recent years. This is despite Bitcoin BTC/USD, the largest cryptocurrency, rising by up to 177% in the last three years.
Price Action: At the time of writing, Bitcoin was exchanging hands at $105,218.97, up 2.74% in the last 24 hours, according to data from Benzinga Pro.
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