Throughout my journey into investing from when I started trading stocks on Robinhood all the way to current time where I'm focusing on Crypto and Business Building as my means of wealth building, friends/friends of friends/family/friends of family have all given me advice quoting Warren Buffett. Warren Buffett, to most, is synonymous with success in trading, specifically stock trading. To be honest though, I've never really liked his advice.
His advice is often good for the LONG TERM INVESTOR, but that has never been me. I'm 27 and have been learning/trading since I was 26. My goal is SHORT TO MEDIUM TERM wealth building, which, although a lot harder and riskier, is obviously more rewarding if you succeed. I want to retire young; I am not fulfilled by a 9-5 job. I need one and am eager and happy about the one I have to the degree I can be, but I believe that at their very core, most 9-5 jobs drain the soul and life force of the people who have them. I don't want to work until I'm 65. The prospect of that makes me cringe and has scared me into aggressively pursuing short to mid-term wealth generation.
Warren Buffett's advice just does not serve me because of this. Like I said, he has good ideas for the safe, long term investor, but when you start out dirt-poor, long term wealth building is A LOT LONGER TERM! I want short to medium term wealth, and so I have pursued a different market and focused on building of assets. That being said, it truly doesn't surprise me that Warren Buffett thought that Bitcoin and cryptocurrencies would fail and were a 'mirage' (https://www.cnbc.com/2017/09/07/bitcoin-up-sevenfold-since-warren-buffett-warned-digital-currency-was-a-mirage.html ).
I think he thought this for two reasons:
- He is not a child of the internet era and doesn't have as firm an understanding of just how powerful these can and will be. I get the impression that he doesn't really 'get' cryptocurrency and maybe he never will (I hope he does, for his sake though).
- He is failing to realize just how much of a problem young people have considered central banking and just how oppressed they feel by it (this doesn't even begin to scratch the surface as to what this has caused - each ICO is a mini-fed essentially, arguably with more utility than the regular fed, and the increase in ICOs is essentially young people saying 'fuck you, we'll print our own money because we're more just' - more articles to come regarding this). Additionally, young people fear collapse and older people do too, having seen what we've recently seen.
These reasons are likely why Mr. Buffett, although aware of finance and a great long-term investor, has been wrong thus far and I would wager he will continue to be wrong regarding cryptocurrency and the blockchain. A new generation has begun and it will continue to the point that it becomes foundational in our economy, in our every day lives, and a cornerstone of the internet and world.
Nice to read biddle! I think you're spot on.
Thanks! Thanks for reading! :)
Smashing article cheers
Thanks! Cheers to you too! :D
Well wrote I started just like you into investing and block chain in general, but no I'm not surprised too see an older person not see the value of somthing that they have thrived without for so long
For sure! and thanks! :)
As you said, Warren Buffet comes from a generation which believed in the Government and most of his wealth is governed by tye rules of the land. He will not risk his entire business just to support Bitcoin, he will never want to be bad in the eyes of the Government.
Well said! Exactly!
I didn't even mention the fact that he is part of their 'team', so thank you for adding that! :)
Yes, and his entire business strategy depends upon tye assests that the company owns. Bitcoin and crypto currencies do not give him that insurance.
Amazing, Thanks for Sharing.
Thanks! Happy to! Thanks for reading! :)
Mr. Buffett is also the root of the way of thinking about investment. However, one speaks to the cryptographic currency, including BTC, that he believes it is wrong as mentioned in this article. Excellent performance over existing currencies is a big advantage, I think that one will migrate.
I translate it using English translation software. I would be pleased if you could point out if there is a wrong expression.
Thanks for sharing my friend! :) I agree that his opinion will probably eventually change, but it will take a shift in the mainstream to adoption of crypto! :)
This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
Thanks, per usual! :)
An old guy like Warren Buffett has no need for a bitcoin. He's got senators in his back pocket and friends in the White House. Why would even mess around with something so trivial. If you wanted to he could buy 10 supercomputers that with mine all the existing bit coins in less than a week. And then what do you do?
Good point good point. I am definitely fearful of who is behind the mega-mining operations that occur in China and other places. He is a super whale and can single-handedly affect change if he utilizes his influence effectively!
Warren buffett @biddle
Thanks for reading!
Yes. I have always listened to Mr. Buffett and yes he is wrong this time and I'm glad he is. Thanks for sharing a very sincere point of view.
Thanks for reading! :) and you're very welcome! :) and I'm glad you've had success in the past using his methods and good call on not following him on the BTC prediction!
To shewing another demands to. Marianne property cheerful informed at striking at. Clothes parlors however by cottage on. In views it or meant drift to. Be concern parlors settled or do shyness address. Remainder northward performed out for moonlight. Yet late add name was rent park from rich. He always do do former he highly.
Good point, he very well could have! He has the influence to sway behavior for sure!
Buffett has continually shied away from technology. He refuses to invest heavily in tech companies because he prefers tangible assets.
That being said, it isn't a surprise that he poo-pooed BTC and cryptos in general as they are technology.
He may be rich as fuck, but the dude is a dinosaur.
Agreed! He definitely is not changing with the times!
Thanks for great sharing
You're very welcome! :)
Great post! I have the same mindset of short/medium term investing. I really can't afford to wait over a year to make some profits. I do have a 9 to 5 job and also a part time business, but even so I still need some quick gains here and there. Seriously tho who wants to be an employee for 20 or 30+ years? I wish you the best man, thanks for sharing this awesome post!
Amen! :) I hope you have great fortune and success with your business too! :) and yeah, exactly, 30+ years lining the pockets of someone else isn't my idea of a great life! I hope we both achieve great success! Our families can have a picnic in the Bahamas one day! haha
Buffet said that he will never invest on something he doesn't understand. So I don't see him into crypto. He is like the old grandpa that is useful to listen from time to time.
Very true, great analogy!
Agreed! He definitely has made good points in the past, but he definitely is a man of an age that has past or is passing.
This is a good article you have put together. Its funny how some just fight the future. Or maybe long for the past not sure. thanks for the information. and well written post. upvoted
Thanks! Yeah, some people just don't like change it seems. I personally welcome POSITIVE change and crypto is definitely positive change! :) You're very welcome!
I know I agree change is good in most cases it can be scary I get it, but being so resistant is crazy. from the little I understand about crypto it is obvious that this is where we need to be. Centralized banking was never in the plan its funny how people forget history or only believe what someone told them if you read about the founders of the US and the papers and original ideas they understood the problems with centralized banking in fact it is technically unconstitutional and illegal.. but people have just taken the word of others mainly those profiting from centralized banking that this was the original plan. So they spread fear about things like bitcoin to discourage people form using and investing so as to keep their pockets lined. It is sad. Crypto is super positive thing it is the future.
Amen! :)
Mr Buffet better buys McDonalds' shares. Never bitcoin. So it's his failure.
haha exactly!
@rizwankhan
thanks for your king info.helpful to me. upvoted
Sure thing! :)
great post!
Thanks! :)
Thanks! :)