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Monday, 20 August 06:30 (GMT -05:00)



Foreign exchange market

Bitcoin Rallies Despite Criticism from Buffet and Gates


This trading week, Bitcoin is unlikely to conquer another major threshold located at 10000 USD/BTC. The thing is that some Bitcoin investors were cooled down by the statements made by investment guru and billionaire Warren Buffett, founder of Berkshire Hathaway, as well as by Bill Gates, founder of Microsoft and one of the richest people on the planet.

During their interviews for the CNBC, they criticized the world’s first digital currency. In particular, Warren Buffett called Bitcoin rate poison squared and predicted a very hard landing for the entire global market of cryptocurrencies shortly after the mysticism around blockchain vanishes. As for Bill Gates, he called blockchain the “Big Fool Theory” (which sounds similar to the Big Bang Theory) since cryptocurrency don’t back anything from the standpoint of assets. Cryptocurrencies are the world’s biggest scam ever. Vice President of Berkshire Hathaway Charles Vagner called the cryptocurrency market nonsense.
 

 

The cryptocurrency market responded with a panic. Shortly after the speeches on May 8th, Bitcoin dropped from almost 10000 USD/BTC all the way down to 9300 USD/BTC, NordFX reports.




However, the next day, the investors calmed down and the market started recovering again. On Thursday, May 10th, according to CoinMarketCap, Bitcoin recovered to 9293 USD/BTC. Ethereum – 757 USD/ETH, Ripple – 0,79 USD/XRP, Bitcoin Cash – 1638 USD/BCH. All of them has shown some growth over the last 24 hours. The cryptocurrency market cap has reached 433 billion dollars, with Bitcoin making up for 36,5%.

 

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