Bill Gates and Warren Buffet Still Among Bitcoin's Harshest Critics

Elon Musk wants to be your candyman

Wall Street is set to continue Friday's stock rally at the open

Billionaire Warren Buffett says stocks remain the best option for investors — not bonds, and especially not bitcoins. And to be fair, bitcoin and other cryptocurrencies had a hard weekend before Gates's comments.

Though some rich Billionaires have been trashing Bitcoin, a lot of the new age investors are extremely bullish on the impact Cryptocurrencies would have on the society.

Speaking about the financial crisis, he said that "things that we thought were hedges went away" and "broke down". So much so that a question about the soundness of investments in digital currencies was also raised during the Berkshire assembly.

"The fact that it's clever computer science doesn't mean it should be widely used, and that respectable people should encourage other people to speculate on it", he said.

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Gates told the network's Squawk Box show that "as an asset class, you're not producing anything and so your shouldn't expect it to go up", in specific relation to Bitcoin.

The Microsoft co-founder, Steve Jobs sparring partner, and one-time savior of Apple said that the company in its current incarnation is "amazing" while speaking to the media.

Charlie Munger, Warren Buffet, and Bill Gates, three staunch anti-Bitcoiner's, have shocked no one by talking negatively about cryptocurrencies. Munger had made similar remarks in February calling Bitcoin a total asinine arguing that many people get involved in cryptocurrency because they want easy money.

He additionally responded to a query from the viewers about bitcoin by saying that it and different crytpocurrencies "will come to unhealthy endings". Gates, who left Microsoft in 2014 and devotes most of his energies to his foundation, is a Berkshire Hathaway board member.

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Shorting is a method of trade where you bet against the market going down and make profits on the inverse of trends.

He added: "To me, it's just dementia".

He called the cryptocurrency the most insane and speculative tool in the world and a demonstration of the theory of a fool in its pure form.

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