Warren Buffett's Cryptocurrency Predictions for 2023
Warren Buffett has long been skeptical about cryptocurrencies: for example, in 2014, he argued that bitcoin “does not meet the criteria of a currency” and could disappear in 10-20 years, and in 2018 he called cryptocurrencies “rat poison squared”
In the same 2018, Buffett said that in the five-year perspective he would be happy to invest in any of the major cryptocurrencies if he were not sure that it would all “end badly.” Within a year after that, bitcoin really fell in price - from $14 thousand to $3.8 thousand. But already in 2021, this cryptocurrency skyrocketed again - up to $60 thousand. In 2023, the five-year period mentioned by Buffett ends. At the time of publication of the material, the BTC rate is $ 17 thousand - there was another drop by almost 75%.
In 2022, problems began even for the largest players in the cryptocurrency market. One of the most famous crypto exchanges, FTX, filed for bankruptcy on November 11. The rapid collapse of FTX has shocked the market - holders of the FTT token will most likely not be able to return the money invested, and experts are warning of a panic among investors and a “flight from cryptocurrencies” into cash and gold.