To the crypto enthusiasts, these people are only spreading FUD, vestiges of the system that blockchain is created to disrupt.
The greater fool investment, mentioned by Gates, is a theory that some assets are perpetuated by reselling the asset to a "greater fool" who accepts the asset at a higher price than what the previous investor bought it for.
Gates - whose net worth tops $91 billion thanks to the de facto monopoly Microsoft has enjoyed for decades - said someone once gave him bitcoin for his birthday, but he sold it. What Buffett means is that if you purchase bitcoin, you will never be able to produce anything of value from it.
Still, Buffett sees them as largely speculative assets.
But Munger did admit that blockchain, the computer science behind bitcoin, "is a great triumph of the human mind".
Bears believe Buffett's comments are worthy of consideration.More news: Iran says United States exit from deal will not impact its oil
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He additionally responded to a query from the viewers about bitcoin by saying that it and different crytpocurrencies "will come to unhealthy endings".
Munger has additionally referred to bitcoin as poison.
The negative comments might be temporarily slowing down the growth in bitcoin prices.
The price of bitcoin teased $10,000 in trading Monday in what might be the start of a new bull run following a spate of both good and bad news surrounding the cryptocurrency.
By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value.