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Warren Buffett Doesn’t Understand Cryptocurrencies ‘At All’, Says Binance CEO


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In a January 10th interview on Bloomberg TV, Binance CEO Zhao Changpeng briefly touched on Warren Buffet’s recent comments that cryptocurrencies are headed for a “bad ending.”

The interview covered a range of topics, including the situation in South Korea, Binance’s booming growth, and the exchange’s general customer demographics.

Eventually, the interview veered towards a discussion of cryptocurrency’s general market trends, and interviewer Haidi Lun brought up Warren Buffet’s commentary.  Changpeng, while respecting Buffet’s accomplishments and expertise in the broader market, does not think Buffet has any say in an area he knows little to nothing about:

“Warren Buffett is a guy I truly respect from an investment point of view, but I do not think he understands cryptocurrencies at all,” Changpeng said in response to Lun’s prompting. 

“It is what it is,” he continued. “I still respect him in other parts of his expertise. But I think on cryptocurrencies he’s making a big mistake.”

Changpeng’s comments are in response to Warren Buffet’s continued hardline stance against cryptocurrency in a CNBC interview this Wednesday.  At one point in the interview, he confidently stated, “In terms of cryptocurrencies, generally, I can almost say with certainty that they will come to a bad ending.”

Warren Buffet has been a persistently vocal opponent against Bitcoin in the past, going so far as to call it “a mirage,” believing that “the idea that it has some huge intrinsic value is just a joke.”

While Changpeng and Buffet may disagree on the value of the burgeoning asset class, they can at least agree on the limits of Buffet’s knowledge on the subject.  Even after making his position clear, he admitted in the interview that he knows nothing about cryptocurrencies.  He said he’d never take any position in their trading, including futures, stating, “Why in the world should I take a long or short position in something I don’t know anything about?”

Meanwhile, Binance registered 240,000 new users on Wednesday, January 10th after reopening account registration two days prior.  In his own interview, CEO Changpeng indicated that the exchange has been consistently adding “a couple of million” new users every week.  Binance, which was launched just six months ago, is already the largest cryptocurrency exchange by volume.

Featured image from Shutterstock.

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