'Rat poison squared': Buffett, Gates take aim at bitcoin

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The billionaire investor and Berkshire Hathaway's CEO, Warren Buffett has again described the top cryptocurrency as "probably rat poison squared", at the annual meeting of his company and on another occasion, while talking to CNBC he said that Bitcoin is "creating nothing".

Berkshire Hathaway owns roughly 10 percent of Wells Fargo's stock, and Buffett said Saturday that he has no plans to sell it.

The gap between Apple and other USA companies in terms of market cap is equally impressive, with the iPhone-maker now worth over $120 billion more than its nearest tech rivals Amazon ($773B), Microsoft ($732B) and Alphabet ($719B), which are the second, third and fourth in market cap valuations, respectively.

Berkshire Vice Chairman Charlie Munger said buying bitcoin with the hope that someone else will outbid you later is a bad business.

In an interview with Yahoo Finance in Omaha, Neb., few days before the Berkshire Hathaway's May 5 annual shareholder meeting, he had stated, "There's two kinds of items that people buy and think they're investing,".

Apple bought more than $23 billion of its own shares in the first three months of the year at an average price of $171.48, the company said this week.

Berkshire shareholders can celebrate the fact that most of the companies 90-odd businesses are performing well as the economy continues growing, but the conglomerate's future is always in the back of their minds because Buffett is 87.

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"It blew my mind when I saw it", Buffett told CNBC on Monday.

It's not the first time Buffett has talked down bitcoin, previously he said buying crypto isn't investing rather simply speculative gambling.

He said investors now are much better off owning USA stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year US government bonds now yielding around 3 percent. Buffett has admitted that's a hard sum to justify and has even addressed lately the potential for a one-time dividend or buybacks-lower-return uses of cash than acquisitions and ideas that in the past he would have summarily dismissed (Buffett did say Saturday that a dividend is unlikely). "I think what Jeff Bezos has done is something close to a miracle..."

Many of them are still wondering what Buffett might do with the more than $100 billion cash that Berkshire is holding.

Chalk it up to becoming a mature corporation, says Jamie Murray of the Murray Wealth Group, who argues that the company is still tops where it counts: in making tonnes of money on its products and services.

Of course, providing "a trustless line of defense for when trust erodes" is one of the very foundations upon which Bitcoin and other cryptocurrencies have been built. Shares of Apple rose almost 2% more on Monday.

"If you're having trouble with your Apple phone, don't blame me", he said. Buffett said choosing the healthcare venture CEO will be "by far the most hard decision we will make". You get defensive when you look at it and it doesn't do anything, you're just waiting for someone to come along and pay you more. One redeeming part of cryptocurrency's rise has been the use of blockchain.

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