New School, Old School

Early in May 2022, when the price of Bitcoin was down over 40 per cent from its October high of nearly $65,000, investment guru Warren Buffett said he wouldn’t buy the cryptocurrency even if it was available at $25. “If you told me you owned all the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Buffett was quoted as saying by Business Insider. In the same report, billionaire investor Charlie Munger said holding Bitcoin is “stupid”, because it would be worth zero dollars eventually. Well, Bitcoin, the biggest and oldest digital asset on blockchain, is not down to $25, but it is well below $25,000 and hovering around $20,000, as on June 24. No one knows how long the downward spiral will continue, but the falling markets have chipped away at investors’ confidence and made them cautious. I would say that’s better...