Heisenberg Capital founder and RT show host Max Keiser has revealed he believes legendary American investor Warren Buffett will be panic buying bitcoin when the cryptocurrency hits $50,000.
Keiser’s comments came shortly after Warren Buffet’s Berkshire Hathaway revealed through 13F filings with the U.S. Securities and Exchange Commission (SEC) it bought 21 million shares of the Barrick gold Corporation (NYSE: GOLD), after reducing its stake in banks.
Barrick is the world’s largest gold mining company by annual production and has “gold and copper mining operations and projects in 13 countries.” What surprised onlookers about the investment is Buffett has never been a fan of gold.
In a speech given at Harvard University in 1998, Buffett had this to say about the precious metal:
[It] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
The investment saw some in the cryptocurrency community speculate Buffett may invest in bitcoin or bitcoin mining firms in the near future, as the Oracle of Omaha has also revealed he is not a fan of the flagship cryptocurrency, at one point calling it “rat poison squared.”
To the investor gold and bitcoin are non-productive assets, unlike businesses or farms. When investors buy these assets, he says, they’re just counting on the next person paying more for them, as the “asset itself if creating nothing.”
Max Keiser, speaking to CryptoPotato, noted that Buffett has missed numerous prosperous investments, including on Apple and Amazon, and claimed Buffett “shunned gold for 20 years while gold outperformed Buffett for 20 years.” He added:
My guess is that Buffett (or whoever takes over after he passes) will start panic-buying Bitcoin at $50,000, just like Peter Schiff will do.
Peter Schiff , it’s worth noting, is a gold bug who earlier this year said he believes the price of bitcoin will never hit $50,000. Commenting on Buffett’s move into Barrick Gold, Schiff said it “legitimizes the sector in the eyes of mainstream portfolio managers.”