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  • A few days back, Warren Buffet had stated that Bitcoin has “no real value” and that he wouldn’t ever own anything like it.
  • Billionaire investor, Chamath Palihapitiya, feels that Buffet “is completely wrong and outdated on this point of view.”

On CNBC’s “Squawk Box,” billionaire investor Chamath Palihapitiya disagreed with Warren Buffet’s earlier comment stating that cryptocurrencies have “no real value.” Palihapitiya said:

He is completely wrong and outdated on this point of view.

According to FXStreet’s earlier report, Buffet had stated that Bitcoin holds no value and had compared them to “seashells.” Having been skeptical about Bitcoin for a long time, he has called it “rat poison squared,” a “mirage,” and “not a currency” in the past. Though Palihapitiya disagrees with Buffett’s stance on the potential of cryptocurrencies, he noted that he still greatly respects Buffet. “I think he’s an exceptional person. I’ve learned an enormous amount, both from afar and the few interactions I’ve had with him,” he added. 

Palihapitiya has also said that everybody should have 1% of their assets in bitcoin specifically.

I don’t think when you wake up and see a coronavirus scare and the Dow down 2,000, you should not be going in and buying bitcoin. That is an idiotic strategy. I think a reasonable strategy is to say 1% of my net worth should be in something completely uncorrelated to the world and how the world works. You quietly over some period of time accumulate a position and then just never look at it again and hope that that insurance under the mattress never has to come due. But, if it does, it will protect you.