Warning: session_start(): open(/tmp/sess_ce1da6aebb8bb8700ced8954ebfde701, O_RDWR) failed: Disk quota exceeded (122) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: session_start(): Failed to read session data: files (path: /tmp) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: Cannot modify header information - headers already sent by (output started at /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php:83) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-weather/class.jnews-weather.php on line 70
Could Warren Buffet buy the entire Bitcoin supply? – The Future Coin
The Future Coin

Bitcoin

$55,509.58

BTC -7.98%

Ethereum

$2,152.08

ETH -8.46%

XRP

$1.34

XRP -15.07%

Litecoin

$263.61

LTC -13.95%

EOS

$6.65

EOS -14.77%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Opinion

Could Warren Buffet buy the entire Bitcoin supply?

by The Future Coin
May 3, 2020
in Opinion
0
Could Warren Buffet buy the entire Bitcoin supply?
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Bitcoin BTC

Source: R.Danyliuk – Shutterstock

  • Morgan Creek Digital co-founder Anthony Pompliano has claimed that Warren Buffet could buy Bitcoin’s entire supply with his fortune of $137 billion.
  • Warren Buffet’s holding company, Berkshire Hathaway, is recording $50 billion in losses due to coronavirus. 

There is speculation in the crypto community about the possibility that Warren Buffet could buy the circulating supply of Bitcoin (BTC). Buffet, a legendary investor and one of the richest men in the world, has a fortune of $137 billion. In contrast, Bitcoin’s market capitalization stands at about $166 million, at the time of publication, with a price of $9,033.

The possibility was proposed by Morgan Creek Digital co-founder Anthony Pompliano. Via his Twitter account, “Pomp” wrote that Buffet’s fortune is almost enough to buy all of Bitcoin’s circulating supply. The possibility provoked reactions, mostly negative, about Buffet. The legendary investor has taken a negative stance towards Bitcoin and cryptocurrencies in the past, referring to BTC as “rat poison squared”.

Warren Buffett has $137 billion in cash.

That is almost enough to buy every Bitcoin in the circulating supply.

— Pomp 🌪 (@APompliano) May 2, 2020

Buffet will never own Bitcoin (BTC)

One of the most noteworthy responses came from Binance’s CEO, Changpeng Zhao, who responded to Pomp that math can be deceptive. The scenario that Pomp raises is static and does not consider the dynamics of supply and demand, according to Zhao:

This is where math is deceiving. It’s only true if EVERY hodler is willing to sell at the current price, which is obviously not true, as there is no 21m BTC sell wall. Alas, Mr. Buffet will only be able to buy a small portion of bitcoins, and at very high prices at that.

In addition, other users replied to Pomp that Buffet does not really have the above amount in cash. The money is part of the capital of Buffet’s holding company, Berkshire Hathaway. In recent months, Buffet’s company has recorded losses estimated at $50 billion. Like other companies in the traditional market, Berkshire Hathaway has been hit by the crisis caused by the COVID-19 pandemic, a blow that had a devastating effect on the crypto market during March.

Since then, Bitcoin and the crypto market has been recovering, outperforming assets such as oil, gold and silver. However, Buffet has not changed his position. In any case, he has increased his criticism of cryptocurrencies. In an interview with CNBC, Buffet said that cryptocurrencies have no use or value because, in his opinion, they produce nothing. Buffet concluded by saying that he will never own any cryptocurrency.

Just as Buffet doesn’t want to buy cryptos, there will be holders who would never sell their BTCs to him, including Pomp. Morgan Creek Digital co-founder responded to the Binance CEO’s comment with the following:

Completely agree. Just because he has enough cash, doesn’t mean that he could get the Bitcoin. I’m not selling mine and I figure you’re not either.

In a similar tone to that of Buffet, but with regard to fiat money, Changpeng Zhao responded to Pomp with a question:

Why do we want fiat? Lol.


Last updated on May 3, 2020



Source link

EDITOR’S CHOICE

You Can Now Earn Ethereum 2.0 Staking Rewards on Coinbase

Ethereum Could Reduce Fees With Batch Transactions

Ethereum Rival Polkadot Futures Suffer 99% Flash Crash—Forcing Binance To Enact Fresh Controls

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC – Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 55,620.00
ethereum
Ethereum (ETH) $ 2,143.84
binance-coin
Binance Coin (BNB) $ 463.91
xrp
XRP (XRP) $ 1.31
tether
Tether (USDT) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.318161
cardano
Cardano (ADA) $ 1.22
polkadot
Polkadot (DOT) $ 36.60
litecoin
Litecoin (LTC) $ 262.17
bitcoin-cash
Bitcoin Cash (BCH) $ 903.94
uniswap
Uniswap (UNI) $ 30.41
chainlink
Chainlink (LINK) $ 36.56
vechain
VeChain (VET) $ 0.210085
usd-coin
USD Coin (USDC) $ 0.997515
stellar
Stellar (XLM) $ 0.515297
theta-token
Theta Network (THETA) $ 11.30
filecoin
Filecoin (FIL) $ 154.19
tron
TRON (TRX) $ 0.135146
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 55,384.00
solana
Solana (SOL) $ 27.17
klay-token
Klaytn (KLAY) $ 2.61
binance-usd
Binance USD (BUSD) $ 0.995608
eos
EOS (EOS) $ 6.59
neo
NEO (NEO) $ 82.14
bitcoin-sv
Bitcoin SV (BSV) $ 305.33
monero
Monero (XMR) $ 313.73
iota
IOTA (MIOTA) $ 2.01
bittorrent-2
BitTorrent (BTT) $ 0.008316
crypto-com-chain
Crypto.com Coin (CRO) $ 0.215391
cosmos
Cosmos (ATOM) $ 21.15
terra-luna
Terra (LUNA) $ 13.11
aave
Aave (AAVE) $ 366.99
tezos
Tezos (XTZ) $ 5.90
ethereum-classic
Ethereum Classic (ETC) $ 34.38
okb
OKB (OKB) $ 15.93
compound-ether
cETH (CETH) $ 42.80
ftx-token
FTX Token (FTT) $ 48.22
algorand
Algorand (ALGO) $ 1.44
avalanche-2
Avalanche (AVAX) $ 28.65
cdai
cDAI (CDAI) $ 0.021339
kusama
Kusama (KSM) $ 396.10
nem
NEM (XEM) $ 0.391589
compound-usd-coin
cUSDC (CUSDC) $ 0.021854
dai
Dai (DAI) $ 0.998736
pancakeswap-token
PancakeSwap (CAKE) $ 21.19
thorchain
THORChain (RUNE) $ 14.14
elrond-erd-2
Elrond (EGLD) $ 186.19
huobi-token
Huobi Token (HT) $ 17.13
holotoken
Holo (HOT) $ 0.017170
dash
Dash (DASH) $ 297.25