Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Warren Buffett Beaten by Bitcoin (BTC), Here's What Happened

Published Dec 04, 2023 09:14
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Warren Buffett Beaten by Bitcoin (BTC), Here's What Happened
 
BRKa
-0.57%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+6.46%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

U.Today - Prominent VC investor and partner at Morgan Creek Digital Anthony Pompliano (known on crypto Twitter as “Pomp”) published a tweet to spread the word that Bitcoin has in a way scored a major victory over its biggest antagonist, legendary investor (known as the “Oracle (NYSE:ORCL) of Omaha”) and his Berkshire Hathaway (NYSE:BRKa) investment fund. Buffett is known to be a persistent Bitcoin hater, although, according to Tron founder Justin Sun, the legendary investor does hold some BTC and TRX.

A vocal Bitcoin evangelist in the past, currently Pompliano is paying a lot more attention to other assets and investment strategies, as he decided that one should not be focused on Bitcoin only. This reverse happened between 2019 and 2022. According to Pomp’s published in September 2022, in 2019 he predicted that Bitcoin would rise to $100,000 within 2.5 years from $12,000 back then. However, all BTC did was increase to $69,000 in October 2021, failing to meet Pompliano’s high expectations of it.

This impacted Pompliano’s decision to remove “laser eyes” from his Twitter profile picture and admit that “Bitcoin helped to humble” him.

Bitcoin surpasses Warren Buffett’s company

In his recent tweet, Pompliano wrote that “Bitcoin's market cap is now higher than Berkshire Hathaway's market cap.”

Warren Buffett’s world-famous investment company’s market capitalization has reached $788.13 billion market value, while the leading cryptocurrency Bitcoin’s market capitalization value stands at $813,538,305,656, according to CoinMarketCap analytics website.

In a response to one of the comments under his Twitter post, Pompliano specified that “Bitcoin is up approximately 1,000% in the last 5 years. Berkshire is up 76% in the same time frame.”

Warren Buffett is widely known in the crypto community in particular for calling Bitcoin “rat poison squared” several years ago and sticking to his opinion ever since. His right-hand man and the vice president of Berkshire Hathaway, prominent investor Charlie Munger, supported Buffett on his antipathy toward BTC. A month ago, he , likening it to “tossing 'stink ball' into time-tested recipe of traditional finance.”

On Nov. 28, Munger passed away at the age of 99, remaining active in his position as vice president until his death.

Does Buffett still hold BTC and TRX gifted by Sun?

In 2020, founder of Tron blockchain and its former CEO (now owner of the Poloniex and Huobi exchanges) Justin Sun won the honor of having dinner with Buffett after donating $4.5 million to a charity linked to Buffett. Sun brought several other major figures from the crypto space to the dinner.

Sun stated that during that dinner he tried to explain crypto in simple terms to the legendary investor and persuade him to change his attitude toward it. With this in mind, he presented Buffett with a Samsung (KS:005930) Galaxy Fold 2 phone and the built-in crypto wallet contained one Bitcoin and 1,930,830 TRX. However, later on, Buffett told Sun he to the GLIDE Foundation. Buffett added that he does not own any cryptocurrencies and he never will.

As of 2023, Warren Buffett’s portfolio stands at $118.5 billion. On the list of the wealthiest people in the world, Buffett comes in fifth in 2023, following Elon Musk ($245.3 billion), Bernard Arnault ($191.3 billion), Jeff Bezos ($168.4 billion) and Larry Ellison ($146.5 billion).

Buffett is followed by Bill Gates ($117.6 billion), Mark Zuckerberg ($115.9 billion) and three other billionaires.

This article was originally published on U.Today

Warren Buffett Beaten by Bitcoin (BTC), Here's What Happened
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email