Several traditional investors have issued their opinions about Bitcoin as it continues to soar to record highs. During morning trading on December 8, 2017, the currency traded above $16,000 per token and even reached more than $18,000 in one market.
Due to its phenomenal trading performance, several billionaire investors have voiced out their thoughts about the top-dog digital currency Bitcoin focusing on the idea that it lacks intrinsic value.
Skepticism on its intrinsic value
In his comment, legendary activist investor Carl Icahn says he cannot understand Bitcoin’s performance and he thinks that it is a bubble.
“I don’t understand it… If you read history books about all of these bubbles…this is what this is.”
Meanwhile, billionaire Warren Buffett, who is considered as the best value investor of all-time, has advised investors to stay away from the most popular virtual currency because it is just a ‘mirage’ and it is leading towards bubble territory.
”Stay away from it. It’s a mirage… the idea that it has some huge intrinsic value is a joke. It’s a way of transmitting money.”
Prominent billionaire and founder of one of the biggest hedge funds in the world, Ray Dalio, is still taking a cautious stance:
“Bitcoin is a bubble… It’s speculative people, thinking they can sell it at a higher price…and so, it’s a bubble.”