Bitcoin pulls back from $10K; Buffett, Munger, and Gates hammer away

Bill Gates, the founder of Microsoft and the world's second richest person trash talked Bitcoin in an interview with CNBC.

Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B) recently held its annual meeting, and not surprisingly, CEO and Chairman Warren Buffett and Vice Chairman Charlie Munger didn't exactly have kind words to say about bitcoin (BTC-USD) and other cryptocurrencies.

Additionally, Zhao Changpeng, the CEO of cryptocurrency exchange company Binance, said, "Warren Buffett is a guy I truly respect from an investment point of view, but I do not think he understands cryptocurrencies at all".

Still, Buffett sees them as largely speculative assets.

Buffett instead said investors would have better chances investing in United States stocks. He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".

Buffett, the chairman and chief executive of Berkshire Hathaway (NYSE:BRK.A), chalked up bitcoin's popularity to people simply being interested in its mysterious emergence in the investment space.

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Buffett said their promotions have been "very, very good" for the company.

"It's buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else, will grow".

Like other cryptocurrency bears, Bill Gates conceded that blockchain, the technology behind bitcoin, can be very useful but said virtual currencies are nothing more than insane, speculative investments.

Buffett renewed his desire to spend some of Berkshire's low-yielding cash on a major acquisition.

"I agree I would short it if there was an easy way to do it", he said.... Berkshire's initial investment in Apple was small, suggesting it was made by one of Buffett's deputies, but with the latest purchase it has grown to a solid 240.3m shares worth $42.5bn. We're more concerned with what effect it all has on GPU pricing. "We have operated in this country with the wind in the stern", said Buffett. He said choosing the CEO will be "by far the most hard decision we will make".

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