Anthony Pompliano, the founder of Morgan Creek has taken to Twitter to mock Berkshire Hathaway CEO Warren Buffet’s lack of faith in Bitcoin’s potential.
In an intriguing Tweet published on 4th January, shortly after midnight, Pompliano has said that Buffet should just have invested his $1 billion Apple investment amount from the year 2016 in Bitcoin.
He said that maybe Buffet should start buying rat poison, referring to a past comment made by Buffet himself.
In May 2018, Warren Buffet had said:
“Bitcoin is probably rat poison squared…If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth.”
Harking back to this very comment, Pompliano’s tweet, which reached out to his 181K followers and more members of the Twitteratti, made the point that had Buffet chosen to invest in Bitcoin early on, he’d be many times richer.
Pompliano is of the view that Buffet would have then had at least $8.7 billion sitting in his bank instead of the comparatively meagre sum of $1.4 billion.
His Tweet read:
“Warren Buffett spent just over $1 Billion to buy 9.8 million shares of Apple in Q1 2016. Today that stake is worth ~$1.4 Billion.
If he had taken the money and bought Bitcoin instead, he would have $8.7 billion.
Maybe Mr. Buffett should start buying some rat poison.”
While Mr.Pompliano’s comment may not be unfounded, it comes at an interesting time, when Bitcoin has been a disappointment for a while.
However, the comment, discounting its tone of mockery, does have some truth in it, especially since the Berkshire Hathaway is staring a $3.8 billion loss in the face after Apple’s share prices dropped by 10% this Thursday.
However, it doesn’t seem like Buffet is ready to give up on Apple anytime soon. He said:
“we buy them to hold.”
He went on to say that:
‘We bought about 5 percent of the company. I’d love to own 100 percent of it. … We like very much the economics of their activities. We like very much the management and the way they think.”
However, what may be heartening to note is that many members of the Twitteratti flew to Mr. Buffet’s defence and and lashed out at the Tweet. Even so, Pompliano did have a few takers as well.
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