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Markets were digesting the raw comments offered by investment legend Warren Buffett over the weekend, who didn't have kind words for cryptocurrencies.
The world famous "Oracle of Omaha" and chair of Berkshire Hathaway Inc. (NYSE: BRK.A) told Yahoo that he doesn't consider cryptocurrencies to be an investment.
"There's two kinds of items that people buy and think they're investing," he said. "One really is investing and the other isn't."
Buffett said that someone who has purchased Bitcoin or other cryptocurrencies cannot generate cash flow like they could from farms, apartments, or small businesses. Buffett said that when it comes to Bitcoin, people are just speculating and gambling.
"If you wanna gamble somebody else will come along and pay more money tomorrow, that's one kind of game. That is not investing."
Here is a recap of the top five cryptocurrencies by market cap as of 11:00 a.m. EDT.
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$23,777,956,873||$1,390.35||-2.45%|
Now here's a closer look at today's Money Morning cryptocurrency insight, the most important cryptocurrency updates you need to know...
Money Morning Cryptocurrency Insight of the Day
If you're new to Bitcoin, you might think that you've missed out on the big profits. After all, Bitcoin surged as high as $20,000 before pulling back.
But there are only three words that you need to know if you want to cash in on the next wave: Bitcoin Lightning Network.
Stunning: New Innovation Will Be Like "Adding Twin Turbos to the Bitcoin Engine" - and Could Send Its Price to $100,000. Learn More...
Money Morning Cryptocurrency Expert David Zeiler takes you behind the curtain of this once-in-a-generation development and shows you how to make big gains from Bitcoin in 2018.
The Top Cryptocurrency Stories for Monday
- Today (April 30), Nigel Green of deVere Group said that a Mt. Gox trustee's transfer of another 16,000 bitcoins could fuel another sharp decline in the price of BTC. This is the first time in three months that Mt. Gox has moved any of its assets.
- According to reports, Japanese regulators are seeking a way to force cryptocurrency exchanges to delist any altcoin that is "privacy centric." This could be bad news for Dash, Monero, Zcash, and others that have touted this characteristic. Recently, Japanese brokerage Monex delisted Monero and two other private-centric altcoins in the wake of the January hacking of Coincheck.
- EOS - the fifth-largest cryptocurrency by market capitalization - is having a brutal day. The price of EOS plunged 11%, reversing after a massive surge over the weekend. Crypto hedge fund manager Ari Paul said that if EOS had continued its huge jump, it could have surpassed Ethereum on the big board. The surge of EOS is tied to the upcoming launch of its mainnet, scheduled for June 1.
The Shocking Reason Why We Think Bitcoin Could Hit $100,000 (and How You Could Make Millions)
Money Morning Defense and Tech Specialist - and cryptocurrency legend - Michael Robinson just revealed the little-known details regarding the future of Bitcoin... and why, at any moment, it could be poised for a record-breaking rebound far beyond anything we've witnessed already.
Michael made a prediction about Bitcoin way back in 2013 - and folks who followed his advice stood to become 253 times richer. I'd venture to say not one in 10,000 people is aware of the massive profit potential unfolding right now.
Before the mainstream public gets any wiser, you need to see this now.