Category Archives: Bitcoin
Auradine Unveils Next-Generation Teraflux Bitcoin Miners Setting New Benchmarks for Efficient and Sustainable Mining – Yahoo Finance
Auradine
Teraflux AT2880 air-cooled and AI3680 immersion miners are the worlds fastest and most energy-efficient and feature Auradines breakthrough EnergyTune technology
Introducing the Invest in Bitcoin America program to invigorate the North American mining ecosystem
SILICON VALLEY, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Auradine, a leader in web infrastructure solutions including blockchain, AI, and security, today announced the launch of the next generation of its Teraflux Bitcoin miners, the AT2880 and AI3680. These miners are the fastest and most efficient Bitcoin mining systems in the world, achieved through breakthrough architectural and process advances in ASIC technologies. Additionally, they offer cutting-edge uptime and demand-response features that help miners reduce costs and effectively partner with energy providers.
Bitcoin, the worlds first blockchain, accounts for over half the global cryptocurrency market value. It is also poised for wider adoption, with leading analysts projecting that the United States SEC is likely to approve a number of Bitcoin ETF applications. Currently, nearly all Bitcoin mining hardware comes from China-based ASIC suppliers. Amidst geopolitical and other risks to supply chains and cybersecurity threats, there is growing demand for US-based mining solutions. Auradine, an American company, is spearheading innovation in breakthrough data-center-scale Bitcoin solutions while enhancing supply chain resiliency.
After delivering our first generation of Bitcoin miners, we are raising the bar again to help customers achieve the best economics and sustainability, even beyond the Bitcoin halving in 2024, said Rajiv Khemani, CEO and co-founder of Auradine. We also offer Bitcoin mining operators a compelling alternative to foreign ASICs, which is vital to the continued growth, security, and confidence of the North American blockchain economy.
Unparalleled Performance and CapabilitiesThis new series of Auradine Teraflux miners offers unprecedented performance, efficiency, and sustainability, delivering superior total cost of ownership. Highlights include:
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Worlds fastest and most energy-efficient miners:
AT2880 air-cooled miners are capable of achieving an output of 0 to 260 TH/s, with an optimal efficiency of 16 J/TH.
AI3680 immersion-cooled miners are capable of achieving an output of 0 to 375 TH/s, with an optimal efficiency of 15 J/TH.
Capability to operate at temperatures up to 50C (122F) to maximize uptime.
EnergyTune and AutoTune technologies allow miners to dynamically adjust the Bitcoin hash rate based on-demand response needs of the electrical grids.
FluxVision, Auradines comprehensive cloud-based solution, provides user-friendly interfaces for miners to manage their operations at data center scale.
Industry Endorsements"The adaptability and efficiency of Auradine's mining rigs are a testament to the innovative capabilities of American technology, setting new standards for the global Bitcoin mining community, stated Matt Prusak, Chief Commercial Officer, US Bitcoin Corp.
"Auradines technology offers cutting-edge hardware that prioritizes energy efficiency and optimizes total cost of ownership, said Ashu Swami, CTO of Marathon Digital Holdings. The companys next-generation ASIC chip allows miners to achieve best-in-class performance and improves their economics. As one of the largest Bitcoin miners, Marathon is encouraged to see companies like Auradine working to make the Bitcoin ecosystem more energy-efficient and resilient.
Invest in Bitcoin America InitiativeFurthering its commitment to national interests, Auradine has launched its Invest In Bitcoin America initiative, providing individuals and companies the opportunity to fund the ever-evolving blockchain industry. Besides providing a way to invest directly in a high-technology Silicon Valley growth company, investors will receive special payment terms on new Teraflux miner series orders. To learn more about the Invest in Bitcoin America program, visit http://www.auradine.com/invest-in-btc-america/.
Availability and OrderingTeraflux AT2880 and AI3680 systems will begin shipping to customers in Q2 2024, with production volumes starting in Q3 2024. For more information or to place an order for the Teraflux range, please visit http://www.auradine.com.
About AuradineAuradine is a leader in web infrastructure solutions focused on blockchain, AI, and security. The company is building breakthrough software, hardware, and cloud solutions to enable a highly scalable, sustainable, and secure infrastructure. Auradine was founded in 2022 by a team of seasoned entrepreneurs and technologists with a proven track record and deep expertise in security, SaaS, semiconductors, and systems. The company is headquartered in Silicon Valley, California. For more information, visit http://www.auradine.com.
Media Contact:Sanjay Guptamedia@auradine.com
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Auradine Unveils Next-Generation Teraflux Bitcoin Miners Setting New Benchmarks for Efficient and Sustainable Mining - Yahoo Finance
Marathon Digital expands mining ahead of Bitcoin Halving By … – Investing.com
Investing.com|EditorPollock Mondal
Published Nov 15, 2023 03:41AM ET
NEW YORK - Marathon Digital (NASDAQ:MARA) Holdings, a leading Bitcoin mining company, is bolstering its operations and preparing for the Bitcoin halving event next year, with significant strides in international expansion and increased hash power. The company reported a substantial year-over-year increase in Bitcoin production, with a 467% surge from the third quarter of last year to the same period this year.
The firm's current online hash rate stands at 19.2 EH/s, and it holds an impressive 13,396 BTC valued at approximately $474 million. Marathon has set ambitious targets to further boost its hash rate to 23 EH/s, despite recent energization delays at its Garden City, Texas facility.
Marathon is making strategic moves to mitigate high operational costs and delays experienced in the US by transitioning to an international joint venture model. This approach is focused on geographical diversification and cost reduction. The company has planned expansions in Abu Dhabi and Paraguay for 2024, which will include a 30% increase in capacity through new plants. These ventures, particularly in Paraguay where renewable-powered Bitcoin mining is planned, mark a significant step towards diversifying their energy sources and reducing costs.
The broader Bitcoin network is experiencing intense competition with its daily average hash rate nearing an all-time high of 428 EH/s and mining difficulty reaching a peak of 64.6T. Despite a recent uptick in Bitcoin prices, mining profitability remains challenging across the industry, with hash price lingering at $0.079 per TH/s per day.
Marathon's proactive strategy aims to position the company advantageously within this competitive landscape. However, there are concerns about the company's cost structure which remains higher than many of its peers. This could risk profit margins should Bitcoin prices dip below the $30,000 mark following the halving event.
The halving event is highly anticipated within the cryptocurrency community as it historically impacts both the supply side dynamics and market prices of Bitcoin. As such, Marathon's efforts to scale up operations and reduce costs through international partnerships could be crucial in maintaining profitability in a post-halving environment.
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Marathon Digital expands mining ahead of Bitcoin Halving By ... - Investing.com
The hidden costs of Bitcoin go beyond its carbon footprint – Geographical Magazine
Between their inception in 2009 and early 2022, digital currencies witnessed an extraordinary rise in value, attracting huge investments from wealthy individuals and corporations. At their peak in 2021, the combined value of all cryptocurrencies surpassed US$3 trillion, with the price of a single Bitcoin still the best-known cryptocurrency reaching around US$60,000. The same year, El Salvador became the first country to make Bitcoin legal tender (alongside the US dollar, which replaced its own currency, the coln, in 2001).
Today, amid rising interest rates and numerous industry scandals (in November 2023, Sam Bankman-Fried, founder of the now bankrupt cryptocurrency exchange company FTX, was convicted of multi-billion dollar fraud), the cryptocurrency market has all-but collapsed. However, a considerable amount of money remains in the sector, a concern for experts who say the market has a hidden dark side.
Bitcoin may be a virtual currency, but using it is energy intensive. Simply put, for a Bitcoin transfer to take place, a piece of hardware called an application specific integrated circuit (ASIC) has to solve a mathematical puzzle. This process is known as Bitcoin mining and can take place on a huge scale in cryptocurrency farms where hundreds of ASICs solve riddles at the same time. Crucially, this uses a great deal of computing capacity.
In 2019, a group of researchers at the Technical University of Munich (TUM) released what was then the most comprehensive analysis of the environmental impact of Bitcoin to date. Christian Stoll, who conducts research at both TUM and MIT, explains that to determine the electricity consumption in the network, you need to know the efficiency of the mining devices that are out there. Using the IPO filings of three major hardware companies, we could calculate a pretty accurate number for the efficiency of the hardware that miners actually use. Through this analysis, the researchers determined the annual electricity consumption of Bitcoin, as of November 2018, to be about 46TWh equivalent to that of the entirety of Portugal. They were then able to determine how much CO2 is emitted as a result of this electricity consumption.
They concluded that, in 2018, the use of the currency released around 22 megatons of CO2 emissions comparable to the total emissions of cities such as Hamburg or Las Vegas. A new study from researchers at the United Nations University Institute for Water, Environment and Health (UNU-INWEH) estimates that during the 20202021 period, the use of Bitcoin emitted over 85 megatons of CO2. Moreover, UNU-INWEH scientists say that the cryptocurrency sector has other, majorly overlooked environmental impacts.
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During the same period (2020-2021), the study reveals that Bitcoins water footprint was similar to the amount of water required to fill over 660,000 Olympic-sized swimming pools, or enough to meet the current domestic water needs of more than 300 million people in rural sub-Saharan Africa. Its land footprint was more than 1,870 square kilometres 1.4 times the area of Los Angeles.
These striking figures highlight the heavy reliance of the Bitcoin network on fossil fuels and natural resource-intensive energy sources, prompting researchers to call for urgent regulatory intervention and the development of new technology to mitigate the environmental impacts the greenhouse gas emissions of Bitcoin mining alone could be sufficient to push global warming beyond the Paris Agreements goal of holding anthropogenic climate warming below 2C.
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The hidden costs of Bitcoin go beyond its carbon footprint - Geographical Magazine
Time for Bitcoin Scaling Solutions to Shine as Transaction Fees Soar? – CCN.com
Rising Ordinals activity highlights the need for Bitcoin scaling solutions.
Sidechains and layer 2s are most often associated with Ethereum. However, efforts to scale Bitcoin have also focused on reducing congestion by processing transactions away from the main blockchain.
Demonstrating the need for Bitcoin scaling solutions, a rise in Ordinals activity has fueled a recent spike in transaction fees as users embrace the new token types.
In January 2023, the Ordinals protocol introduced the concept of Bitcoin NFTs. By allowing users to inscribe data on individual satoshis, Ordinals has fueled a wave of new Bitcoin use cases that go well beyond the blockchains original purpose of moving BTC from wallet to wallet.
Shortly after, in March, the BRC-20 standard was developed as a method of minting fungible token collections that live on the Bitcoin blockchain.
Once the first BRC-20 token ORDI was deployed, it wasnt long before a wave of Bitcoin-based memecoins flooded the network.
But with the rising interest in NFTs and BRC-20 tokens, Bitcoin transaction fees have also climbed. After gathering pace for weeks, average transaction fees have soared since the end of October, hitting a 6-month high of over $16 on November 9.
Among some Bitcoiners, the recent spike in fees has confirmed their fears that Ordinals would inevitably clog the network. But despite grumbling from certain quarters, the new token and transaction types are here to stay.
Thankfully, a burgeoning ecosystem of Bitcoin sidechains and scaling protocols has the potential to streamline Ordinals transactions and return fees to a more manageable level.
In the 14 years since Bitcoins genesis, the volume of transaction data has exploded, and the emergence of Ordinals is only the latest trend to put pressure on the blockchains limited throughput.
As researchers turned their attention to the Bitcoin scalability challenge from the mid-2010s onward, the initial focus was on enabling faster and cheaper transactions. For example, the Lightning Network was launched in 2019 as a dedicated Layer 2 designed to power peer-to-peer BTC micropayments.
In the context of Ordinals, bridging NFTs and BRC-20 tokens to more efficient sidechains can dramatically lower fees and create a more frictionless trading environment.
For example, Bioniq uses the Internet Computer Protocol (ICP) to wrap Ordinals NFTs, which can then be traded among users without incurring transaction fees.
Likewise, Bitmos is a dedicated blockchain network built on Cosmos, designed to enhance the scalability of Ordinals projects. Once the platform launches next year, a cross-chain bridge will let users create wrapped BRC-20 tokens that can move freely across Cosmos chains.
As Ordinals evolve, bridging and scaling solutions could power new, more complex use cases for the underlying Bitcoin-based assets.
Describing this process, Bioniq CEO Bob Bodily said the booming market for BRC-20 tokens reflects demand for more sophisticated trading infrastructure that deploys Bitcoin as its consensus layer.
People really want DeFi to happen on Bitcoin, he observed in an interview with CCN. And although it might not be possible to build an Ethereum-style decentralized exchange on Bitcoin today, Bodily expects that Ordinals will continue to drive innovation and advance the blockchains functionality.
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Time for Bitcoin Scaling Solutions to Shine as Transaction Fees Soar? - CCN.com
Bitcoin Depot Named Preferred BTM Vendor with National Retail Association, AATAC – Yahoo Finance
Bitcoin Depot Inc.
Company Secures Preferred Vendor Status for Bitcoin ATM Services to AATACs 50,000 Members
ATLANTA, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Bitcoin Depot Inc. (Bitcoin Depot or the Company) (NASDAQ: BTM), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced it has been named a preferred vendor with the AATAC, a national trade association of retailers, distributors, vendor suppliers and partners for the convenience store and retail industries. Bitcoin Depot is the first BTM company to have gained recognition as a preferred vendor for AATAC, strengthening Bitcoin Depots value proposition.
Bitcoin Depot is proud to work with the AATAC as the associations preferred BTM vendor, which introduces our company to AATACs 50,000 associated retailers nationwide, said Bitcoin Depot CEO Brandon Mintz. This is another milestone in our mission to bring Bitcoin to the masses.
Bitcoin Depot is listed as a preferred ATM & Credit vendor on the AATAC website. The Company attended an AATAC trade show this year to meet with AATAC customers and members.
We are thrilled to offer Bitcoin Depots services for our members, said Ivy LaBrie, Operations Director at AATAC. Our network of retailers represents an incomparable buying power, and were proud to connect them with quality, trusted companies such as Bitcoin Depot that will expand their service offerings.
AATAC is a national association comprised of smaller buying groups, regional sub-chapters, independents, and other trade organizations under one blanket that consist of over 50,000 operators controlling over 80,000 locations across the U.S. and Puerto Rico. Currently, there are approximately 150,000 AATAC-associated C-stores in the country.
About Bitcoin DepotBitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to Bitcoin at Bitcoin Depots kiosks and at thousands of name-brand retail locations through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at http://www.bitcoindepot.com
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About AATACAATAC is a national association comprised of smaller buying groups, regional sub-chapters, independents, and other trade organizations under one blanket that consist of over 50,000 operators controlling over 80,000 locations across the U.S. and Puerto Rico.
Contacts:
InvestorsCody Slach, Alex KovtunGateway Group, Inc.949-574-3860BTM@gateway-grp.com
MediaZach Kadletz, Brenlyn Motlagh, Ryan DeloneyGateway Group, Inc.949-574-3860BTM@gateway-grp.com
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Bitcoin Depot Named Preferred BTM Vendor with National Retail Association, AATAC - Yahoo Finance
Researchers claim Bitcoin experiment generated almost 300 … – Cointelegraph
A team of academic researchers from the International Hellenic University and Democritus University of Thrace in Greece recently published a paper supporting the efficient market hypothesis (EMH) for Bitcoin (BTC) trading.
EMH is a controversial theory that the researchers claim contributed to the development of models capable of outperforming the hodl strategy by nearly 300% in simulated crypto portfolios.
According to their research paper:
At the heart of EMH is the idea that an assets share price reflects its fair market value and all applicable market information. If true, it would be impossible to outperform the market by trying to time it or by predicting winning stocks intuitively.
Typically, proponents of EMH suggest that rather than trying to beat the market with well-timed undervalued stock picks, investors should put funds in low-cost passive portfolios.
Meanwhile, opponents of EMH tend to dismiss this line of reasoning by pointing out that some investors, such as Warren Buffet, have made entire careers out of beating the market.
According to the research team in Greece, whose research in the aforementioned paper was limited to observations on the Bitcoin market, EMH can be applied to cryptocurrency trading as a replacement for the standard buy and hold, or hodling, approach to avoiding market volatility.
To test this, the researchers developed four distinct artificial intelligence models trained with multiple data sets. After training and testing, they selected models optimized against both beat the market and hodling strategies.
Related: Crypto charities can exploit gamblers fallacy to reap larger donations Study
According to the team, the optimal model beat baseline returns by as much as 297%. This lends some credence to the idea that EMH can be a useful tool for Bitcoin and cryptocurrency traders. However, it bears mention the authors conducted their research using historical data and simulated portfolio management.
The results of this study, while empirical, may do little to change the minds of those with a strong opinion against the efficacy of EMH.
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Researchers claim Bitcoin experiment generated almost 300 ... - Cointelegraph
This Is Not Priced InA Huge Shift Just Happened Thats About To Blow Up The Bitcoin, Ethereum, XRP And Crypto Market – Forbes
BitcoinBTC and cryptocurrency traders are on the edge of their seats as Wall Street giants quietly lay the ground work for the next bitcoin price bull run.
Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster ahead of next year's historical bitcoin halving!
The bitcoin price this week touched $30,000 per bitcoin for the first time since August as the ethereum, XRP and crypto market braces for a $15.6 trillion earthquake.
Now, after the bitcoin price was rocked by a viral, false report that a long-awaited bitcoin spot exchange-traded fund (ETF) had been approved by the U.S. Securities and Exchange Commission (SEC), crypto market watchers have predicted the long-awaited ETF will be approved this year and that it's not yet priced in.
Bitcoin's historical halving that's expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
"[A bitcoin spot ETF is] going to get approved, we think it happens this year in 2023," Mike Novogratz crypto investor and chief executive of Galaxy Investment Partners told CNBC this week. "All the indications seem to be heading in the right direction."
Galaxy Investment Partners, in partnership with InvescoIVZ, has its own spot bitcoin ETF application lodged with the SEC, a decision on which was delayed along with the other filings in late September.
This week, BlackRockBLK, which kicked off the Wall Street bitcoin spot ETF race in June, amended its filing, something that Novogratz said highlighted "the dialogue with the SEC is all heading in the right direction."
"Its no longer talking about how [bitcoin] works or why its important. Its just a recognized macro asset and thats a huge psychological shift," Novogratz said.
Coinbase's chief legal officer, Paul Grewal, meanwhile told CNBC the bitcoin and crypto exchange is confident that a U.S. bitcoin spot ETF will be approved by the SEC.
"Im quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law," Grewal said. "We are quite excited that there are a number of developments we think that are just around the corner, or underway even as we speak, that will bring back investor and consumer interest in crypto."
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Last week, a false, viral report shared on X (Twitter) that claimed the SEC had approved a bitcoin spot ETF spread like wild fire, briefly sending the bitcoin price sharply higher and boosting the price of other major cryptocurrencies including ethereum and XRP.
Crypto analysts pointed to the bitcoin price response as evidence an eventual bitcoin spot ETF is not yet "priced in" and could trigger a bull run.
"This event revealed a couple of key insights: (1) the ETF is clearly not priced in, as evidenced by the markets reaction to the false headline, Sean Farrell, head of digital asset strategy at Fundstrat in a note seen by Bloomberg. "And (2) the amount of capital flow needed to significantly move bitcoin in this market is relatively low, as demonstrated by the sharp price movement on relatively muted volumes and inflows."
"What it does tell you is the market will head higher on any positive news," Novogratz added.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
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This Is Not Priced InA Huge Shift Just Happened Thats About To Blow Up The Bitcoin, Ethereum, XRP And Crypto Market - Forbes
Crypto Prices: Why the US Government Owns $5.5B Worth of Bitcoin – Markets Insider
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The US government owns billions of dollars worth of bitcoin and whether it decides to hold or sell could have a big impact on the cryptocurrency's price.
Public filings show Washington has seized over 200,000 tokens from cybercriminals since 2020, according to crypto firm 21.co.
Its holdings are worth $5.5 billion in total, analysts estimated making the US one of the world's largest bitcoin "whales", a term that digital-asset enthusiasts use to refer to individuals or groups that own large amounts of the crypto.
Tokens seized from the online black market Silk Road, its founder James Zhong, and criminals who hacked the Bitfinex exchange back in 2016 make up a large amount of the government's bitcoin stash, per 21.co's data.
In the past, the government has tended to dump its stakes via auction after relevant legal proceedings have been completed, and then use the money to reimburse victims.
For example, Washington sold 9,861 previously-seized bitcoins via Coinbase in March and gave $300,000 worth of compensation to Bitfinex in July, according to the Wall Street Journal.
The government's sales could conceivably swing the price of the world's largest token by total market capitalization, with digital-asset trading volumes grinding to a halt over the past year.
In 2022, crypto prices cratered as the Federal Reserve's aggressive interest-rate hikes and the collapse of high-profile companies like FTX weighed on investors' enthusiasm for the sector.
Bitcoin crashed below $20,000 and has barely recovered despite a rally for risk assets this year, with the token trading in a narrow range between $26,000 and $31,000 since mid-March.
Lower volatility means that whales can drive big swings all by themselves so what the government decides to do with its $5.5 billion stash could have a major impact on bitcoin's price.
Read more: From Sam Bankman-Fried's arrest to bitcoin plunging below $20,000, here are the 9 craziest crypto stories of 2022
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Crypto Prices: Why the US Government Owns $5.5B Worth of Bitcoin - Markets Insider
Bitcoin is on the rise again. Here’s why Warren Buffett remains a crypto hater – CNBC
Cryptocurrencies are on the rise again, helped by optimism surrounding the possible introduction of a spot bitcoin ETF. But no matter how strong this rally gets, it won't convince one of the industry's biggest critics Warren Buffett. Bitcoin surged 10% over the past week, at one point briefly topping $30,000, as hopes grew that a spot bitcoin ETF will soon be approved. The idea among boosters is that such a vehicle would further legitimize the digital token and attract a wave of investment dollars, pushing the price of bitcoin even higher. But whether a bitcoin ETF soon becomes reality or not, it won't alter the Oracle of Omaha's thesis on cryptocurrencies, which is that they are highly speculative, non-productive assets. Buffett, who once famously called bitcoin "probably rat poison squared," has compared the bitcoin phenomenon to the tulip bulb mania in the Netherlands in the early 1600s . "All you're counting on is whether the next person is going to pay you more because they're even more excited about another next person coming along. But the asset itself is creating nothing," Buffett said in a 2018 CNBC interview. "It's been a very speculative, kind of Buck Rogers type thing, and people buy and sell them because they hope they go up or down just like they did with tulip bulbs a long time ago," said Buffett, Berkshire Halthaway's CEO. "If you just look at something and say that's magic, you can do it with shark teeth or seashells, or anything." Berkshire Vice Chairman Charlie Munger is an even a more vocal crypto hater, once saying digital currencies are a malicious combination of fraud and delusion, "good for kidnappers." Munger supports a ban of cryptocurrencies in the U.S. Wouldnt buy all of the bitcoin in the world for $25 Buffett believes that the digital token has no value because it doesn't deliver anything. Unlike farms, which produce food, and real estate, which produces rent, cryptocurrencies rely on market sentiment and supply-demand dynamics. "If you said for a 1% interest in all the farmland in the United States, pay our group $25 billion, I'll write you a check this afternoon," Buffett said at Berkshire's 2022 annual meeting. "[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I'll write you a check, it's very simple." "Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything," he added. 'Not a currency' The legendary, 93-year-old investor also said that bitcoin failed to meet the definition of a currency as its price fluctuates with the dollar. Crypto bulls tend to think bitcoin is a superior means of payment given its underlying, decentralized technology. "It is not a durable means of exchange. It's not a store of value," Buffett said in a 2014 CNBC interview. "People say 'well I'll sell you goods in bitcoins,' but they change the price of those every time the price of the dollar changes.... they are pricing off the dollar." BTC.CM= YTD mountain Bitcoin in 2023.
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Bitcoin is on the rise again. Here's why Warren Buffett remains a crypto hater - CNBC