Bitcoin, the largest cryptocurrency in the crypto ecosystem has often been criticized for its lack of scalability and long-term prospects. Warren Buffet, the CEO of Berkshire Hathaway, has been one of the critics, labeling the largest cryptocurrency as a coin that has “no unique value at all”.
Barry Silbert, the CEO and Founder of Digital Currency, an investment firm dedicated to over 130 cryptocurrency ventures, hit back at the billionaire investor. The Bitcoin investor took the fight to Twitter, raising the issues plaguing Warren Buffet’s investment, Wells Fargo.
According to reports, Wells Fargo was accused and fined 93 times for fraud and other financial abuses, totaling a staggering $14.8 billion.
Barry Silbert tweeted that he would take a chance with Bitcoin any day over a Buffet investment.
Buffet was a long time admirer of blockchain technology, but continued to hold his stance against the virtual currency. He indicated that the success of blockchain technology did not necessarily depend on the development of Bitcoin.
He further added,
“It attracts charlatans. If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
Buffet’s Wells Fargo was allegedly caught committing a variety of offenses ranging from forging clients signatures to the introduction of fake bank accounts.
According to reports, a countless number of Wells Fargo employees legitimately opened more than 3.5 million unnecessary accounts in the past 15 years.
Anthony Pompliano, a Bitcoin proponent and Founder of Morgan Creek Digital, also took it to Twitter to respond. He stated that it was important to note that the financial services company ended up paying more than 20% of Bitcoin’s market cap in fines over the last 19 years due to their fraudulent activities.
Binance CEO, Changpeng Zhao, also gave his opinion on the situation. He said the mass involvement in Bitcoin did not need to be the primary reason for Bitcoin to have significant value.
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