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Bitcoin Shrugs Off Buffett Criticism to Remain Above $9,000

Cryptocurrency NewsApr 30, 2018 04:08PM ET
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Investing.com – Bitcoin traded roughly unchanged on Monday, holding above $9,000 supported by a recent uptick in sentiment on cryptocurrencies, while EOS maintained its position as the fifth most valuable crypto by market market cap.

Bitcoin rose 1.56% to $9,325.5 on the Bitfinex exchange after hitting an intraday high of $9,450.The popular crypto has been hovering around the $9,000 level after rising to a more than one-month high of $9,761.50 last week.

Sentiment on bitcoin remained steady, shrugging off fresh criticism from legendary investor Warren Buffet claiming bitcoin investors’ were making a “gamble,” not an investment as their rationale for investing was mainly based on “hoping the next guy pays more.”

“There's nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that's one kind of game. That is not investing,” Buffett told Yahoo Finance on Saturday.

This is not the first time Buffett has voiced his criticism of bitcoin. In late 2017, Buffett warned that bitcoin was a “real bubble,” claiming that it has no intrinsic value.

Buffett’s latest remarks on bitcoin, however, did little to sway sentiment on cryptocurrencies as demand remained largely intact.

The total market cap of cryptocurrencies rose to about $429 billion, at the time of writing, from about $398 billion on Friday, which helped steady demand for other large-cap cryptos.

Ripple XRP fell 1.61% to $0.84411 on the Poloniex exchange, while Ethereum fell 0.36% to $677.44.

Bitcoin Cash fell 2.53% to $1,392.10, while Litecoin fell 0.81% to $150.23. EOS/USD meanwhile, fell 12.40%, giving up some of the gains from last week following its rally to become the fifth most valuable crypto by market cap.

Bitcoin Shrugs Off Buffett Criticism to Remain Above $9,000
 

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Johnny Martinez
Johnny Martinez Apr 30, 2018 4:24PM ET
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He's been wrong before....he is wrong again.....bitcoin is global...not Oklahoma ...he is just want to buy very low... Cause he miss the 2017 ride.
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Reza Mollah
Reza Mollah Apr 30, 2018 4:24PM ET
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Buffet is 100% right. There is no intrinsic value, nothing to back up the so called “currency”. St least if something goes wrong in the government there are still someone accountable. With crypto something goes wrong you hold the creator or exchange accountable. But with that accountability there is zero or no chance someone will get back everything they lost. That exchange can disappear over night. The company or the person can file bankruptcy. Currency needs to be backed by something with an intrinsic value.
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