Bill Gates Proclaims Crypto Governed by "Greater Fool Theory"

Warren Buffett chairman and CEO of Berkshire Hathaway left plays bridge with Bill Gates outside Berkshire-owned Borsheims jewelry store in Omaha Neb. Sunday

Bill Gates would bet against Bitcoin

Gates, too, weighed in on the issue on Monday, telling CNBC that bitcoin is "one of the crazier, speculative things" he's seen, saying he would "short it if there was an easy way to do it".

That interview comes following the Annual Shareholder Meeting Saturday, in which both Buffett and Munger doubled down on their distaste for Bitcoin.

He told the journalists: "As an asset class, you're not producing anything and so you shouldn't expect it to go up". "It does create a rising price, creates more buyers ..." While Buffett's billionaire buddy Bill Gates probably won't be picking up an iPhone anytime soon, either, the Microsoft co-founder is also heaping a bit of praise on his one-time tech adversary.

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Over the last five days, shares have managed 1.59% gains and now is up 22.8% since hitting its 200-day moving average of $46.52. It improved, as 50 investors sold SPG shares while 204 reduced holdings. 125 funds opened positions while 451 raised stakes.

Bitcoin, Munger went on to say, "reminds me of Oscar Wilde's definition of fox hunting: "The pursuit of the uneatable by the unspeakable". "People like to speculate, they like to gamble", he added. "It's kind of a pure "greater fool theory" type investment", Gates said.

Just as bitcoin was soaring back to five-figure levels (reaching US$9,932 on May 5), two of the world's richest people chose to bring it back down to Earth with a bump.

While it looks like Bill Gates is exclusively anti-cryptocurrency here, he did acknowledge the fact that the blockchain technology behind digital currencies has some value.

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He has previously said that cryptocurrencies "definitely will come to a bad ending".

Gates' opinion is very close to the view of Warren Buffett who named Bitcoin a "zero-sum game".

CME Group, the world's leading financial market firm, also launched its own Bitcoin futures contracts on December 17th, 2017. Buffett's "rat poison comment" is akin to Munger's "noxious poison" from earlier in the year.

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Legendary investor Warren Buffett's portfolio won't be scooping up shares of insurers that underwrite cyber insurance. And this year, after a significant decline the price still hasn't managed to reach the mark of $10,000.

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