I respect Warrens opinion he doesn't invest in the tech sphere because he doesn't put money in things he does not understand
Since he doesn't understand bitcoin he will miss it like the rise of the internet age
But for him it does not matter his fortune is from doing what he knows best so I would say to let him be
Normally I'd agree with him because he's one of the best investors/economists on the planet but...in this case he just sounds like a rambling senior citizen that doesn't understand the internet and its related technologies.
Indeed the old tangible capital world is going away folks... and Buffet will die just-in-time to fade away with it...
I also knew in 1999 that the dot.com crash was coming because I was trying to buy PPC advertising for my CoolPage.com (had million users at that time, roughly 1% of the internet) and what I saw was the ROI on advertising was negative for any profitable business, thus there was massive overinvestment driving the ad prices too high.
So when Homepage.com offered me $1 million in stock options to take over CoolPage.com, I declined. I took a couple hundred thousand instead in a non-exclusive license, and reaped another 7 years of sales ongoing.
But Buffet missed investing in numerous internet companies that have made others into $billionaires.
The model of business he invests in is dying. We are leaving the tangible capital age and entering the knowledge age, wherein you don't need large stored capital to launch a business. For example the 3D printer (which can print itself) will eventually obliterate factories, retail stores, and shipped goods. There are already 3D printers which can print multiple materials on the same object.
Also in the past knowledge was captured by industrial stored capital, because one needed physical production and distribution. Stored capital is a claim of future human labor or production. But now for example factories will be automated with robots, so the industrialists will depend on the knowledge workers.
The knowledge workers can say "fuck you" to $billions, we don't need it. All that stored capital is becoming useless and won't be able to find a home. It is what you know in your brain that becomes capital.
When the $223 trillion global debt bomb (with $1000 trillion in derivatives to hold it up, and another $1000 trillion in unfunded social liabilities promised to the boomers) implodes circa 2016ish as the marginal-utility-of-debt has become negative right about now and the BRICs are starting to collapse (with Europe and Japan to follow by next year and USA in 2016), the all those people who are useless in the Knowledge Age will be unemployable. And those $billionaires will lose their net worth relative to the capital in our brains which will grow orders-of-magnitude in value (what we can produce and buy with our efforts).
Oxford U predicts 47% of all existing jobs will be erased by automation within 19 years (20 years from last year when the research was published).