Famous investor and Berkshire Hathaway CEO Warren Buffet called Bitcoin “probably rat poison squared” back in 2018. In his 2020 fourth-quarter market letter, financial analyst Bill Miller agreed with Buffett’s description of the asset — but not without his own addendum.
“Warren Buffett famously called bitcoin ‘rat poison,’” Miller said in his Saturday letter, adding:
“He may well be right. Bitcoin could be rat poison, and the rat could be cash.”
Miller started his letter by explaining how each new year often paves the way for various financial predictions. Financial expectations and projections can be worthless, however, as proven by the unexpected COVID-19 pandemic and its ripple effects, according to Miller. Still, projections can be beneficial if the rationale for such predictions is taken into account.
That said, Miller went on to analyze the current scene in the United States regarding markets, inflation, interest rates and other points, pointing out the value of comprehending the present landscape as opposed