Warren Buffett is not in favour of buying Bitcoin and bashes it

Warren Buffet who is known to be the biggest investor recently stated that the buyers of bitcoin are like rat poised squared who are living in a hope that they will surely find some or the other people who would pay more for it. There has been an immediate surge in the demand of the bitcoin due to which many people are inclined to buying it. As per the chairman and chief executive of Berkshire Hathway Inc, Buffett stated that the secret behind the immediate surge of Cryptocurrencies prices is the adrenaline rush that goes inside you when you hear from people about Bitcoin. If you fail in understanding the exact terms of Cryptocurrencies you get overexcited as most of us are often fond of speculation and gambling. He further stated that investors now refrain themselves from buying US stocks as the prices of the stocks increases but after a considerable amount of time.

Charlie Munger, business partner of Buffett and also vice chairman of Berkshire stated that even he is one of those who have no interest in Bitcoin and he describes Bitcoin as worthless artificial gold. Buffet also mentioned that last week Berkshire has acquired around 75 million additional Apple Inc Shares in the first quarter. This increased the stake of Berkshire by 5% in the iPhone maker. After this action of Buffett he stated if the share price of Apple would fall due to repurchases then he would be happy enough to see this.

Munger further stated Berkshire always have been a little reluctant when it comes to buying the shares of Apple as they have found the price of it quite reasonable though strong. Buffett mentioned that he will soon be retiring from the position of CEO and the entire board of directors of Berkshire were in a dilemma on deciding for who would be the right one to take the place of Chief Executive Officer after Buffett. The list of final CEO for Berkshire does not include many names and they are looking for the right person for this position of CEO as they want someone extremely effective to handle the healthcare venture between Berkshire, JPMogan chase and also www.amazon.com. Choosing CEO for the company is going to be the most difficult task till date