Warren Buffett Says Bitcoins Are Gambling; Will India Accept Venezuela’s Crypto-Deal?

In a recent interview, ace investor Warren Buffett has declared that bitcoins are no way an investment. They are gambling.

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Warren Buffet Says Bitcoins Are Gambling

American business magnate, an investor who is regarded as ‘God of Financial World’, World’s 3rd richest person Warren Buffett has once again insulted the very existence of bitcoins and other cryptocurrencies.

In his latest salvo, the 87-year-old ‘Oracle of Omaha’ has said that putting money into bitcoins is not investing. It is gambling.

Has Warren become too old to understand the dynamics of blockchain movement and the advantages of cryptocurrencies?

Meanwhile, Venezuela, the only country to have launched their own cryptocurrency, has offered an amazing deal to India: If we buy oil and pay via cryptocurrency, then we can get 30% discount!

Will India go the crypto-way now?

Warren Buffett: Bitcoins Are Gambling, Not Investing

In a recent interview, ace investor Warren Buffett has declared that bitcoins are no way an investment. They are gambling.

In the interview, he said,

“Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more..”

Warren described investing in bitcoin same as gambling or speculation. By his definition, investments in bitcoins can be compared to a Ponzi scheme as well.

However, he clarified that there is nothing wrong in it, unless the person knows that he is gambling, and not investing.

He said,

“There’s nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.”

Earlier, Bill Gates had stated that bitcoins are causing deaths.

This is not the first time Warren has opposed investments in bitcoins and cryptocurrencies in general. In January this year, he had declared that bitcoins will see a bad ending.

He had said,

“In terms of cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending,”

Venezuela’s Crypto-Deal For India: 30% Discount On Oil!

Price of crude oil has touched $75 a barrel or Rs 5000 and is at an all-time high.

However, if India buys oil from Venezuela, and pays via cryptocurrencies, or more specifically their own ‘Petro’ digital currency then we can get 30% discount on this price.

Few officials from Venezuela had recently visited India and met with founders of Coinsecure, a Delhi-based bitcoin trading firm for selling Petro in India.

A solid partnership is about to be announced, wherein Coinsecure will provide them with the backend support for selling Petro in India.

The offer of 30% discount was mooted in the meetings.

Coinsecure CEO Mohit said,

“They are going to different countries and making offers. The offer that they have given to the Indian government is: you buy Petro and we will give you a 30 percent discount on oil purchases,”

Petro is World’s first cryptocurrency directly linked with their oil reserves, which is highest in the world.

Some analysts have described Petro as a huge scam: Although it is blockchain based, and linked with their massive oil reserves, they are not decentralized like bitcoins, and the prices can be manipulated by the Govt.

US President Trump has already banned Petro, even as close to $4 billion has been raised by Petro, all over the world.

If Indian Govt. accepts this offer, then their own stand on the issue of cryptocurrencies will be contradicted: Govt. has already stated that they want a complete ban on digital currencies.

Do you think India should accept this offer? Do let us know by commenting right here!

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