Max Keiser joined us for a discussion on Warren Buffett’s turn away from fiat.
According to Max Keiser, host of popular RT show the Keiser Report, it is only a matter of time before Warren Buffett’s Berkshire Hathaway will invest in Bitcoin.
Not long ago, Buffett sold most of his positions in major banks and bought shares in Barrick Gold — a large gold mining company. For Keiser, this represents a U turn in Buffett’s investing strategy:
“This will be the beginning of a huge transition out of financials, which he dumped recently into gold. And then therefore, he, or whoever takes his place, will soon be moving into Bitcoin.”
After years of bashing both gold and Bitcoin, Keiser says that Buffett realized these are now “the go-to assets for preservation, for protection” against the depreciation of the US dollar. According to Keiser, people shouldn’t spend time trading in the altcoin market, which he equates to galmbling.
“You may make money over one month, two months. But are you going to make money over 5, 10, 15 years gambing? (…) The answer is a big fat no.”
Keiser’s rant didn’t spare Ethereum, the second largest cryptocurrency, which has come under fire recently due to allegations around the outstanding supply of Ether.
“It’s still on Beta, it shouldn’t even be trading!”, Keiser said. Instead people should be focusing on hodling Bitcoin.
According to Keiser, one of the major causes of global inequality is caused by the uneven way money is distributed throughout the economy by central banks.
Keiser pointed out that this phenomenon has been particularly evident since the Fed injected a massive amount of cash into the economy to counter the effects of the COVID-19. Keiser pointed out that most of the money was used to bail out large firms, while end consumers see little benefits.
On the contrary, “Bitcoin goes directly from God to the consumers”, Keiser said.
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Source: Cointelegraph https://cointelegraph.com/