Bitcoin price BOOST: ‘It’s a MISTAKE!’ Buffett is WRONG about cryptocurrency CATACLYSM
Bitcoin and the cryptocurrency craze have divided investors with Wall Street heavy-weights like Warren Buffet and Jamie Dimon saying they will not jump on the bitcoin bandwagon.
But Zhao Changpeng, CEO of Binance, said they are wrong to doubt the cryptocurrency market.
Speaking to Bloomberg, he said: “I think Jamie admitted that he was wrong and in fact in a smaller TV interview with a local blog, I said he was wrong two months ago.
“So it was actually good that he admitted he was wrong now.”
Jamie Dimon, CEO of JPMorgan said on Tuesday he regretted calling bitcoin a fraud. He made the comments denouncing the cryptocurrency last year.
He told Fox on Tuesday that the “blockchain is real”.
He said: “You can have cryptodollars in yen and stuff like that. ICOs … you got to look at everyone individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people.”
Zhao Changpeng also said Warren Buffett was making a mistake by saying digital currencies will end badly.
Buffett told CNBC on Wednesday the cryptocurrency craze will “definitely” end badly as the Bitcoin price continues to plummet.
But the Binance CEO said that he respected the business magnate, he was wrong about bitcoin.
He said: “Warren Buffet is a guy I truly respect from an investment point of view I think he knows stock investment, equities investment very well.
“But I do not think he knows cryptocurrency at all.
“So it is what it is, I still respect many other parts of his expertise but I think on cryptocurrency he is making a mistake.”
Bitcoin dropped 8.28 percent to $13,657.92 at 14:35 in London, according to Coindesk.
Ethereum fell 2.66 percent to $1,248.35 percent at 14:34 in London, Ripple dropped 2.25 percent to $1.92 at 14:36 in London.