It is safe to say that Warren Buffett is not beloved within the cryptocurrency community. The billionaire investor has consistently espoused the rhetoric that Bitcoin has no value. Recently, a crypto miner has taken to publicly calling out the Berkshire Hathaway chief for his negative comments.
Warren Buffett Doesn’t Know It All
As far as Genesis Mining co-founder Marco Krohn is concerned, Warren Buffett is not an authority on Bitcoin. In fact, he doesn’t even know it all when it comes to investing. Despite a stellar investment career, the “Oracle of Omaha” hasn’t always called it correctly. By his own admission, Buffett regrets not immediately seeing the potential in Google and Amazon. He even only reluctantly invested in Apple after first dismissing the company’s stock for many years. With all of this in mind, Krohn is trying to show the public that Buffett’s rhetoric should be taken with a grain of salt.
In a tweet on May 16, Krohn showed photos of billboards reminding Buffett of his past investment mistakes. The sign reads:
Warren: You said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin.
What makes the campaign even more profound is that the billboard is right outside Buffett’s office in Omaha. It is a not too subtle diss to an individual who has spread much vitriol and FUD about Bitcoin. The Berkshire Hathaway CEO recently called the digital currency “rat poison.” Many in the cryptocurrency community have disagreed with Buffett with some even going as far as saying that he doesn’t know anything about bitcoin.
— Marco Krohn (@mkrohn5) May 16, 2018
Genesis Mining Crypto Awareness Campaign
The Buffett-bashing billboard is part of a larger Bitcoin awareness campaign organized by the mining giant. The company, which also owns one of the largest bitcoin mining facilities in Iceland, is known for such public rebukes of crypto critics. During the just concluded Consensus conference in New York, the company organized a mock protest under the aegis of “Bankers Against Blockchain.” The rally was to enlighten people on what could become a reality in a few years’ time. The parody demonstration also aimed digs at people like Jamie Dimon and the Bitcoin bubble brigade.
The company has also come down hard on negative journalistic sentiments, especially those platforms fond of posting Bitcoin obituary articles. Apart from going up against critics, the campaign also strives to educate people about the practical applications of Bitcoin, especially in remittance. Part of the campaign’s mantra is that it shouldn’t cost money to send money. Thus. They regularly tell people that they can send money for free using Bitcoin rather than via remittance platforms like Western Union who charge high fees.
Should crypto critics be given a taste of their own medicine? Do you agree that Warren Buffett knows nothing about bitcoin and blockchain technology? Please share your views with us in the comment section below.
Image courtesy of Twitter @mkrohn5, Flickr