Former Facebook executive Chamath Palihapitiya told CNBC that although he considers himself a Warren Buffett ‘disciple,’ he argues that the Berkshire Hathaway CEO is wrong about bitcoin:
“Not everybody is right all the time.”
Palihapitiya argues that the technology industry is not Buffett’s forte.
Buffett has made it quite clear that he is not fond of the cryptocurrency, or any other cryptocurrency for that matter. He, along with his other multi-billionaire friends Charlie Munger and Bill Gates, has called the cryptocurrency “rat poison squared”, a “noxious poison”, and a flurry of other negative things.
Gates, though he does see the potential of blockchain technology, has previously linked the cryptocurrency with illegal activities that have “caused deaths in a fairly direct way.” His most recent comment on how he would short bitcoin if there was “an easy way to do it” had quite a lot of backlash from the crypto community.
Palihapiitiya, on the other hand, believes that bitcoin is “really important”. He has owned bitcoin since 2012 and believes that bitcoin is a “hedge” to traditional financial structure. He added that all early bitcoin investors view bitcoin that way.