Warren Buffet doesn't speculate, and if you're buying crypto, you're speculating.
Agree wholeheartedly. I'm a long-time admirer of Warren Buffett, and it's obvious to me why he doesn't invest in bitcoin--he doesn't know where it's headed, and he can't analyze it like he can a business. Either you believe bitcoin has a future or you don't. Either you think bitcoin's price is going higher or you don't. Buffett can't determine whether it's undervalued or not like he can with a stock, and neither can anyone else here.
Almost any profitable investment is risky. In any case Warren Buffet analyzed the stock markets, then invested his funds trying to hedge the risks, and he was successful on his way.
I don't agree that buying a crypto currency is a speculating. The price of a PoW based crypto currency has a prime cost that can be estimated from the resources spent for mining a coins. Advertising increases the demand for crypto currency, and its price grows. This is a market price, as the price of gold or other commodity.
I understand this quote of Warren Buffet like that: "be in the counter direction of the market movement", i.e. "you buy when others sell, and you sell when others buy". I approve this opinion.
You have a point. I think we should either agree that any investment is a speculation of sorts, or that buying established cryptos is not speculation. Warren Buffet himself has made a lot of mistakes along the way, because of which billions of USD were lost. No way we can call him, or anyone else, an investor who always knows what to do. Although he is rightfully considered one of the most successful investors in the world, his decisions were not always flawless. Read more from the links below:
https://www.investopedia.com/financial-edge/0210/buffetts-biggest-mistakes.aspxhttps://www.cnbc.com/2017/12/15/warren-buffetts-failures-15-investing-mistakes-he-regrets.htmlNevertheless, he has a net worth of US$84 billion, as of now, and we surely can learn a lot from him. Imo his words, "try to be fearful when others are greedy and greedy only when others are fearful", make a great formula for success.