Two sides of Bitcoin: Elon Musk and Warren Buffet

Popular cryptocurrency Bitcoin hit the market capitalization of $1 trillion in February 2021. Bitcoin has surged more than 92% this year. All digital coins together have a market cap of $1.7 trillion. The reason for surge is open secret.

Many people are believed that cryptocurrencies as alternative to the existing money market. Banks and Financial Institutions are giving approval to the cryptocurrencies as payment for international trade. Bitcoin is quickly overtaking Gold in search terms by the public for an inflation hedge. There is universal acceptance on popular digital currency but famous strategic investor Warren Buffett differs.

Tesla boss Elon Musk had received so much popularity and property by investing in Bitcoin and Dogecoin. Elon Musk has been among the key drivers of investors’ sentiments around bitcoin and the price of the cryptocurrency as well to an extent. Cryptocurrency Dogecoin records spike in price after Elon Musk’s tweet. His series of tweets on cryptocurrencies and having Bitcoin in his twitter bio made huge impact on market. He is very much vocal about his passion in investing $1.5 in cryptocurrency market. Bill Gates believed that only wants rich people like Musk to invest in Bitcoin, the latter advised people to not invest their life savings in cryptocurrency.

Another business tycoon Warren Edward Buffett has different opinion on Bitcooin. Warren Buffett said that he don’t have any kind of cryptocurrency and he never in future. As per his opinion cryptocurrencies have no value and they haven’t produced anything. He said that he had no interest to invest his wealth into Bitcoin market. Buffett had called Bitcoin as gambling device and involves lot of frauds in it. Even after Bitcoin grows six times since 5 months, Buffett believed that Bitcoin is speculation which is not an investment.

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