Decision-making errors lead to Berkshire Hathaway's $50 billion loss: "Buffett will risk his reputation for missing out on Bitcoin"

Berkshire Hathaway's latest financial report reveals that the company incurred a net loss of $5 billion in the first quarter of 2020, with Buffett admitting that his own investment decisions were a contributing factor. In response, a prominent American TV show host took the opportunity to criticize Buffett, suggesting that his assessment of Bitcoin was just one of many investment misjudgments and could ultimately tarnish his reputation.

Bitcoin is Just One of Many Misjudgments

According to a report on May 3rd, Warren Buffett's asset management company Berkshire Hathaway incurred a net loss of 50 billion USD in the first quarter of 2020, and Buffett himself admitted during the annual meeting's live broadcastthat part of this significant loss was due to errors in his own investment decisions.

Buffett has always been a prominent figure among Bitcoin and other cryptocurrency opponents. Renowned Bitcoin supporter and host of RT's "Keiser Report," Max Keizer, claimed that Buffett's strong criticism of Bitcoin is very damaging to the reputation of this legendary investor. In a tweet on May 3rd, he stated:

"Buffett is out. Stock buybacks are now seen as fraud. Investors will ask... if Buffett is wrong on so many things, is he also wrong on Bitcoin and gold? Answer: Yes. Buffett will go down in history for his stupid Bitcoin criticisms."

Now that Buffett is out of the game and stock buybacks are rightly being called out as fraudulent, investors will ask… If Buffett was dead wrong about so much, was he also wrong about #Bitcoin and Gold?

ANSWER:

YES.

Buffett killed his reputation by being stupid about BTC

— Max Keiser (@realmaxkeiser) May 3, 2020

In subsequent tweets, Max Keizerpointed out that Buffett is severely overrated, having missed out on Amazon, Apple, gold, and now Bitcoin. Keizer further urged Millennials and Gen Z to move away from Buffett.

Long-time "Critics" of Bitcoin

Buffett has been a long-time critic of Bitcoin and cryptocurrencies. Prior to the 2018 Berkshire Hathaway annual shareholder meeting, he referred to Bitcoin as potentially being "rat poison," even describing Bitcoin as a "mirage" and "tulip bubble," claiming it is not real currency. In 2019, during an interview with Fox Business, Buffett also stated:

"Bitcoin is a gambling device... it doesn't do anything. It just sits there like a seashell or something, and that is not an investment to me."

Even after meeting with one of the most prominent figures in the crypto community, Justin Sun, Buffett's views on Bitcoin and cryptocurrencies remain unchanged. In an interview with CNBC on March 10th, he emphasized:

"I don't own any cryptocurrency, I never will."

Related Reading

• Bitcoin Recovers Lost Ground, While Buffett Suffers! Berkshire Hathaway Reports Nearly 50 Billion USD Loss in the First Quarter
• Buffett's Unique Insights on Apple, Bitcoin, and COVID-19 in Interviews

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