Why Warren Buffet and Bill Gates are Probably Lying About How They Feel About BTC

When I saw Warren Buffet and Bill Gates on television speaking negatively about Bitcoin I was very surprised. Two very intelligent people seem not to understand why Bitcoin has value and why a lot of people are buying into it.

All Bitcoin really does is that it allows anyone that can buy it a way to transfer one limited value into a value that trades against many different types of value. So if I am in Turkey right now and the only currency I can easily access is the Turkish Lira I'm rightfully concerned about the purchasing power of the currency going down dramatically through no fault of my own. Inflation, especially in a third world country, almost always gets worse and unlike with Bitcoin there is almost a 0 percent chance that once the value of a currency depreciates that it later appreciates to a value that is higher than it had in the past. Inflation is almost always a one-way path and even the USD as a reserve currency isn't immune to that general principle. When you hear about your grandfather being able to buy a candy bar for .05 in 1950 it sounds great until you find out that average hourly wages were far lower back then. So when it comes to inflation what really matters is purchasing power.

Even Bitcoin eventually will stabilize at some point in the future and stop appreciating at high yearly rates. But clearly, with an 80 percent appreciation of BTC in value in 2021 we are far from the end of the growth phase. It's because Bitcoin is sucking up value from currencies all over the world that it's acting like an index fund for all of the currencies in the entire world. It's possible for places like China to try to prevent mass adoption of Bitcoin by its citizens but by fighting it so strongly they are preventing their citizens from protecting themselves from the high likelihood that Bitcoin emerges, at minimum, as a top 20 currency in global trade. All weak currencies are likely to start experiencing the same type of inflation that is happening in Turkey.

Not only is Bitcoin a superior store of value in comparison to gold, it also has superior utility and liquidity. Bitcoin is far easier to store, custody, spend, and transfer. I can travel anywhere in the world today with my Bitcoin and bring as much money with me as I want.

What bothers me about Buffet and Gates cashing in their credibility to bash Bitcoin is that they are both smart enough to understand exactly why Bitcoin is up 100 percent a year for 10 years in a row. For them to get on t.v. and just ignore the millions of people that are involved in the technology and call all of that activity worthless and imply that it is a fraud is really arrogant and disingenuous. OK so maybe they hate Bitcoin because of all of the garbage fun meme coin gambling that is happening in the space and they just want to write off the whole thing as the public just blowing up another stupid bubble.

What I really think is that they see the value in it but are too afraid of powerful people retaliating against them if they come out and say they support it. With the number of dollars that Berkshire has on its balance sheet, it's actually really foolish for him to ignore a way to store some of those dollars in a currency that has a 10-year track record of increasing in value while the dollars on his balance sheet are losing 10 billion a year in value doing nothing. He's supposed to look for every way he can to make money for his investors even if that means buying a silly fake currency with a trillion-dollar market cap as a hedge.

Gates with his technical background HAS to understand what Bitcoin is and at least somewhat respect the technology behind it. He's a software guy and this entire project is a whole new way to use software to store and transfer value without third a third party. Plus the guy has tons of dough and the thought of throwing say 1 billion dollars into it just in case it gets super huge has never occurred to him as even a hedge?

Either these guys are really that out of touch or they are lying. I just wish they had some balls to tell the truth if they are lying right now.