One of history’s most significant investors, Warren Buffett, will tell you he is no genius; just observant, open-minded and industrious. So, instead of wasting time and money holding interviews to maliciously pass off Bitcoin and blockchain technology as a scam, Buffett should own up to the fact that he was wrong about Bitcoin.
Even more infuriating is the fact that he said this alongside Microsoft founder and the world’s second-richest man, Bill Gates. I mean, the man made his billions pursuing Xerox’s blunder during the start of the information age. If only they could take their time to understand the technology.
If you are trying to sharpen your investing game, you might learn from these five Billionaires who were wrong (and five who were right) about Bitcoin and other cryptocurrencies.
1. Matthew Mellon - Net worth $900 Million to $1 Billion (Was right).
The late 54-year-old heir to the Mellon banking fortune gambled $1 Billion in his family fortune, by making a $2 million investment in XRP.
2. Cameron and Tyler Winklevoss - Net worth $900 Million to $1.1 Billion (Both were right).
The twin 36-year-old brothers are said to have been early investors in Bitcoin, at one point owning one percent of the network. They now own and operate the digital currency exchange Gemini, launched in 2015.
3. James Dimon - Net worth $1.3 Billion (Was wrong).
The 63-year-old outspoken CEO of the world's largest bank by market capitalization, JP Morgan, recently backtracked on his statement about Bitcoin. He claims that he now believes in the technology behind it and regrets what he said before.
4. Charlie Munger - Net worth $1.6 Billion (Was wrong).
The 95-year-old Berkshire Hathaway VP is Warren Buffett’s partner. Recently, the two made a $600 million investment in crypto and the Fintech space.
5. Changpeng Zhao (‘CZ’ as he is known in the crypto universe)- Net worth $1.1 to $2 billion (Was right).
The 41-year-old Chinese-Canadian entrepreneur is the founder and CEO of Binance. He built the world’s largest cryptocurrency exchange in under 180 days.
6. Richard Branson - Net worth $5.1 Billion (Was wrong).
The 68-year-old billionaire is the founder of the Virgin Group. He once called the cryptocurrency market a bubble but now believes in the industry around Bitcoin.
7. Joseph Lubin - Net worth $1 to 5 Billion (Was right).
The 53-year-old is the co-founder of Ethereum and a former executive at Goldman Sachs.
8. Chris Larsen - Net worth $7.5 to 8 Billion (Was right).
The 57-year old is the co-founder of Ripple and the owner of 5.2 billion XRP.
9. Warren Buffett - Net worth $82.5 Billion (Was wrong).
The 88-year-old is arguably the most notable Bitcoin sceptic. He once said that Bitcoin was an asset that creates nothing, but now has invested $600 million in the industry.
10. Bill Gates - Net worth $98.4 Billion (Was wrong).
The 63-year-old Microsoft founder famously said that he would short Bitcoin if the opportunity presented itself.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company headquartered in Las Vegas, Nevada. With over 627 locations nationwide, Coin Cloud boasts one of the largest and fastest-growing networks of two-way Bitcoin ATMs in the world. Our network has helped more than 144,000 customers buy and sell cryptocurrency since opening our doors in 2014. To find your nearest Bitcoin ATM, please visit CoinCloudATM.com.