Billionaire investor Warren Buffett has claimed that the market for the leading virtual currency Bitcoin is already in bubble territory. He also issued a criticism of the proposals for applying a value to the cryptocurrency.
Based on a report by MarketWatch, Buffett presented his views on Bitcoin and the cryptocurrency market during an annual question-and-answer session in Omaha, Nebraska in early October 2017. During his remarks, Buffett claimed that Bitcoin is a “real bubble.”
Bitcoin sustained its phenomenal performance after fluctuating at about $4,300 in early October. Bitcoin price has jumped to over $6,100 on Oct. 20.
Meanwhile, the negative view of Buffett on Bitcoin is not surprising as the well-known investor has already expressed such comments in the past. In 2014, the billionaire advised that investors should keep away from Bitcoin because the cryptocurrency is “basically a mirage.”