You’ve likely heard by now the Bitcoin comments made by Warren Buffett, Charles Munger and Bill Gates. Well, one of cryptocurrencies’ staunchest advocates is hitting back, and his logic is pretty good.
Brian Kelly, founder & CEO, BKCM LLC, said on CNBC last evening that the famous finance players may need more education when it comes to cryptos.
He also talked about the catalysts that could move Bitcoin higher this week.
The Oracle (NYSE:ORCL) of Omaha and His Sidekick
Known as the Oracle of Omaha, Buffett has referred to Bitcoin as being “probably rat poison squared”. He also said it was a tool for “charlatans”, predicted a “bad ending” for Bitcoin, and dubbed it a “mirage” and a “bubble” that would soon burst in spectacular fashion.
Munger’s has been just as brutal with his comments, saying the following:
“Bitcoin is worthless, artificial gold, which if it succeeded in being sold, it would have a lot of illicit activity. Now, it is not something I think the world needs.”
In response to Munger’s statement, Kelly said this:
“This is your classic castigation before investigation. Bitcoin is a ledger, and gold is just a rock. That’s not to disown gold, but gold doesn’t do anything. I think Charles needs to do a little bit more investigation.
Potential big tech disruptor
Bitcoin is simply a big electronic ledger that we can all see, and has the potential to disrupt a 600- year-old accounting entry process, Kelly said.
Essentially what we’re doing is taking out of that double entry accounting process, and putting it on the Blockchain and putting it on the internet and making it software. That’s all these things are; they’re software with a token attached. It’s a disruptive technology, and that’s why I want to be invested in it.
Tiptoeing into changing an industry
Just like the intranet was how companies “tiptoed” into the internet, enterprise blockchains and private blockchains are companies’ ways, I think, to eventually push into public blockchains, or the decentralized internet, or what we call the D-net, he said.
For that to happen, the blockchains must be paired to a token.
“And that’s the powerful economic model that all three of these billionaires are missing.”
When could Bitcoin be $10,000 again?
While some observers chalk up this week’s retreat of Bitcoin’s price from $10,000 to the comments from Buffett and the like, Kelly said disagreed.He even said that these three talking about cryptos probably added to Bitcoin illuminatis’ content, because they would not want Buffett and Munger to be in the space anyway.
As far as moving back above $10,000, it’s still in the cards – and soon.
While the space saw Bitcoin’s price around $6,000, as recently as Easter Weekend, Kelly noted that we’ve seen a huge run up.
A major catalyst to Bitcoin’s price moving above $10,000 soon is the Blockchain conference being held in New York next week. The Consensus 2018 Conference runs from May 14 through May 16.
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