# The Real Reasons Warren Buffett Hates Bitcoin

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## Metadata
- Author: [[Alberto Guerrero]]
- Full Title: The Real Reasons Warren Buffett Hates Bitcoin
- Category: #articles
- URL: https://medium.com/zen-and-the-art-of-crypto/the-real-reasons-warren-buffett-hates-bitcoin-c53ea3e97d28

## Highlights
- Buffet has spread hate against Bitcoin saying things like “Bitcoin is evil” “I wouldn’t buy even if it was at $24” and similar gems of wisdom.
- These are some of his recommendations:
- If you can’t hold it for 10 years, don’t hold it for 10 minsDiversification is for losersNever invest in something you don’t understandIf you can’t handle 50% dips, investing is not for youBe fearful when others are greedy and vice-versa“No” should be your default answer when considering investment optionsThe best strategy is to do nothing at all
- Reasons for the hatredLoyalty to the old system
- you have been bribed to stay within that system and strongly reject any changes that might jeopardize your position
- Buffet became a billionaire by investing other people’s money in banking and the insurance industry (among other things) and these are two of the possible victims of Bitcoin’s success.
- Bitcoin proposes a system where you become your own bank, intermediaries are no longer necessary, and where big financial players could become obsolete very soon
- Age
- No disrespect to the older generations but, technology is not their forte. When I see the kids dealing with TikTok, social media, and other transformational platforms, I feel like a fish out of water too.
- The world doesn’t change because people change, the world changes because old people with old ideas die and new people come with different approaches and take over.
- Some people were opposed to electricity, the automobile, and the internet and yet, they lost the battle. You can’t stop technology, nobody can, not even Buffett.
- One of his principles is: “Don’t invest unless you understand it” Well, the corollary to this could be: “Make the effort to understand it first and then, if you agree with the fundamentals, go for it
- Manipulation
- He’s had plenty of time to study or to get somebody in his team to do the work for him. But at 80, he’s too intellectually lazy to consider a change. Can you blame him?
- Manipulation is the name of the game, everybody lies, everybody has an agenda, and he is no different.
- Governments, banks, and many other institutions are scared, and quite rightly so. If Bitcoin truly succeeds, the changes in the political and financial system are going to be deep
- it seems that Bitcoin is already too big to fail, has too much momentum and nothing is going to stop it now
- Those powerful people that tried to stop the internet, the automobile, and electricity didn’t fare very well and Buffet and all those who oppose progress will suffer the same fate.
- Cognitive dissonance
- We are all biased, constrained by our own bubble to the extent that, even if we try, we couldn’t change our minds.
- Most people can never alter their views even when presented with overwhelming evidence. We are just not rational and when we get stuck in a rut, there is no way out.
- Fiat is the new Titanic and Buffet is rearranging the deck chairs. It’s not about intelligence, wisdom, or knowledge, it is about objectivity
- Some people were rearranging the deck chairs in the Titanic as it sank.
- Conclusion
- Warren Buffet, one of the best investors ever, is going to miss the best investment ever. Paradoxically as it might seem, there are many reasons for it.Some are self-serving, others have to do with limitations and cognitive bias but the fact remains; you can’t teach an old dog new tricks (especially if the dog refuses to learn
- Bitcoin is already worth more than Berkshire Hathaway’s and that’s an indication of who might be winning here.Mr. Buffett, if you are reading this I have a piece of advice for you: Get out of your own way. Don’t ignore the evidence and don’t ignore the biggest financial revolution in history or you might get wiped out.