Bitcoin

Bitcoin Through The Eyes of the World’s Most Respected Billionaires

Matthew Tompkins | Jun 16, 2017 | 12:00

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In a recent article, The Motley Fool examines what billionaires Mark Cuban, Warren Buffett and Richard Branson have to say about Bitcoin.

The Motley Fool’s Matthew Frankel writes that it can be a smart idea to listen to what some of the most successful people in the world have to say, and with that, he explores what three of the world’s most respected billionaires have to say about Bitcoin.

While these are merely opinions, each brings with it a unique perspective and outlook on what is very much an emerging technology and a potentially disruptive threat to their empires.

Mark Cuban on Bitcoin: The Cautious Take

Dallas Mavericks owner and investor Mark Cuban made news in the cryptocurrency world recently when he made the following tweet:

I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble https://t.co/hTrV5DeWNd

— Mark Cuban (@mcuban) June 6, 2017

Within hours of his tweet the price of Bitcoin fell, he then tweeted:

So testy. Lol. You know it's a bubble when a random twitter thread bounces the price. https://t.co/7gBGYU3JcQ

— Mark Cuban (@mcuban) June 6, 2017

While this does highlight the volatility of the Bitcoin, it also brings attention to just how sustainable the coins current high price is. However, Cuban does have a great enthusiasm for the underlying technology of the blockchain.

I think blockchain is very valuable and will be at the core of most transactions in the future. Healthcare, finance etc all will use it https://t.co/VfMEc9LkqR

— Mark Cuban (@mcuban) June 6, 2017

Warren Buffett on Bitcoin: The Dismissive Take

In a 2014 CNBC interview, American business magnate and investing giant Warren Buffett dismissed bitcoin claiming that it was a technology essentially devoid of value. During the interview, Buffett offered this advice to readers:

Stay away from it. It’s a mirage, basically…The idea that it has some huge intrinsic value is a joke in my view.

Many dismissed his comments, however, since Buffett has avoided investing in new technology throughout his career, admitting that he does not understand them well enough to invest. A cautionary lesson in research there. However, Buffett’s comments did not sit well in the tech industry where he received condemnation for his criticisms. Tech venture capitalist Marc Andreessen echoed the sentiments of many in the tech industry:

The historical track record of old white men crapping on new technology they don’t understand is at, I think, 100%.

Buffett’s comments in regard to Bitcoin and blockchain technology were made 3 years ago and it is entirely possible, if improbable, that his attitude has changed since.

Richard Branson on Bitcoin: The Positive Take

Not only does UK tech billionaire Sir Richard Branson speak highly of Bitcoin and blockchain technology, he also suggests applications for the technology in a socially beneficial way. Using the technology to create a better, more secure and forgery-proof land titling system is just one of the real-world applications Branson envisions. This would ideal for developing countries and places where corruption is rife, as land titles are regularly disputed.

Branson also holds annual Blockchain Summit events on his own private island where blockchain experts and developers, as well as the top minds across a wide range of industries, brainstorm new ideas and applications for the technology. Ultimately, his attitude towards bitcoin is that it is working, and working successfully. He does recognize, however, that there is room for even better solutions than Bitcoin currently provides.

Have these Billionaires got the right idea about Bitcoin? Should they be doing more like Richard Branson in promoting it and looking for active uses? Let us know in the comments below?

Images courtesy of Flickr, AdobeStock