Billionaire investor Warren Buffett has been one of the staunchest opponents of cryptocurrencies, calling them “rat poison squared.” Crypto bulls have mostly ignored his advice, dancing to their own beats, including Fundstrat co-founder, Tom Lee who believes Bitcoin will hit $20,000 this year.
Now, Glen Goodman, the former BBC and ITV business correspondent who netted over £100,000 by successfully shorting the markets during the 2008-2009 financial crisis, is crying foul over Buffett’s advice in an interview with CryptoGlobe.
Calling out Buffett on His ‘Rat Poison‘ Remark
When asked about his opinion on Warren Buffett’s advice on digital currencies, Goodman revisited the “rat poison squared” remark and said:
“Bottom line, he doesn’t know what he’s talking about.”
“Buffett is an investment genius with an unparalleled record, but by his own admission he only invests in what he understands, like Coke or Gillette. That’s why he missed out on the internet boom and even labelled his own failure to buy Amazon shares as “stupidity.”
Goodman also talked about bearish comments from Nouriel Roubini and said:
“Roubini actually understands cryptocurrency pretty well, but not quite well enough. If you watch him debating Ethereum’s Joe Lubin back in May, you’ll see he has some scathing criticisms, but Lubin has answers all of them.”
Goodman acknowledged that blockchain has a scalability problem and developers aren’t able to solve it quickly which has caused a loss of interest. He said if people received more good news about blockchain apps solving real-world problems regularly, they would be more open to investments. However, that isn’t happening right now.
A Career in Cryptocurrencies and Future Outlook
Goodman, who now trades exclusively in digital currency, shares his investment advice on a website called thesharesguy. As a former media personality, he has several outtakes for the coverage of crypto-related news.
He said that mainstream media is still too focused on the wrong side of cryptocurrencies- including manipulations, hackers, and criminals. Goodman noted that these stories have emotive and shock values because of which the masses understand it clearly.
The SharesGuy also believes that crypto-media should start focusing on making their news easier to understand. He compared the mainstream media outlook to the early days of the internet and the rise of e-commerce.
Goodman is writing a book that could explain the markets to the general public in a simple and easy to understand way. His book is aimed at crypto beginners.
Moreover, he believes that the crypto market could be finally bottoming out and this could be good news for investors. When markets reach their lowest low and the final few who could lose their loyalty to the market and give up, there could be another rise in Bitcoin’s valuation.