While Warren Buffett, a diehard hater of bitcoin and other cryptocurrencies is busy mulling over the next significant investment to pump some of his $84.6 billion net worth into, Anthony Pompliano, founder and Partner of Morgan Creek Digital Assets, has urged the “Oracle of Omaha” to buy bitcoin, according to a Twitter post on February 22, 2019.
“Pomp” your Funds Into Bitcoin
It’s been ages since Warren Buffett, the chairman and CEO of Berkshire Hathaway made his last big acquisition.
Now, as the “sage of Omaha” is looking for another viable investment to put in Berkshire Hathaway’s $116 billion spending money, crypto big whale and evangelist, Anthony Pompliano has urged the American business magnate to join the bitcoin movement.
According to Pompliano, even though the cryptocurrency markets may be in a massive bear market at the moment, Satoshi Nakamoto’s bitcoin has all it takes to surpass all of Buffett’s investments in a decade.
“Buffett has $100 billion in cash but can’t find anything to buy. Private equity funds are “drunk with cash” and willing to pay up for anything/ everything,” tweeted Downtown Josh Brown
Buffett has $100 billion in cash but can’t find anything to buy. Private equity funds are “drunk with cash” and willing to pay up for anything / everything. https://t.co/gtDxMWgI43
— Downtown Josh Brown (@ReformedBroker) February 21, 2019
“He should buy Bitcoin,” Pompliano suggested, adding “It has a better risk/reward profile than anything else he will see, it will reduce the overall risk of his portfolio, and it is likely to outperform every other investment he makes for the next decade.”
At press time the price of bitcoin sits at just $3,990 with a market cap of $70.04 billion.
Nothing is Impossible in the Cryptospace
While it may seem impossible at the moment for Buffett and his team to join the cryptocurrency movement, considering the fact that the 88-year-old multi-billionaire is one of bitcoin’s biggest haters,
It’s however worth noting that nothing is impossible in the ever-evolving world of crypto assets and blockchain technology.
On February 14, 2019, JPMorgan Chase, a highly reputed American multinational investment bank announced the impending launch of its dollar-backed stablecoin called the JPM Coin.
Although unlike bitcoin, the JPM Coin is designed to function as a centralized digital asset, the move, however, represents a big win for the cryosphere, given that Jamie Dimon, chairman, and CEO of JPMorgan has made several harsh comments about bitcoin in the past.
In September 2017, Jamie Dimon called bitcoin a “fraud,” adding that he won’t hesitate to sack any employee trading bitcoin for being “stupid.”
“It’s a fraud” and worse than tulip bulbs,” Dimon declared at the time.
Interestingly, In January 2018, Dimon said he regretted calling the world’s flagship cryptocurrency a fraud.
“I regret making that comment. The blockchain is real,” he said.
Will Buffett Ever buy Bitcoin?
Unlike Jamie Dimon who has since apologized for his sins against bitcoin, Buffet still does not give a damn about cryptos.
However, it remains to be seen whether one of the world’s most successful businessmen would have a change of heart someday, and join the winning team, especially if he continues to lose his investment bets just like he did in the Kraft Heinz deal which saw Berkshire lose over $4 billion under 24 hours.
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