During an interview with CNBC, Berkshire Hathaway CEO Warren Buffet denounced bitcoin as “not currency” at all and expressed concerns about its long-term viability, telling the financial news network that he would be surprised if the digital currency was still around in the “next 10-20 years.”
Lately, the cryptocurrency world has been rocked by a number of troubling events. In February, Autumn Radtke, 28, CEO of bitcoin exchange firm First Meta, was found dead in her Singapore apartment. And in one of the biggest collapses on record, Mt. Gox, the world’s largest bitcoin exchange, recently folded after hackers made off with almost $500 million in bitcoin.
Utah County computer and software entrepreneur John Pestana said the Mt. Gox failure was an issue not with cryptocurrency but rather with the exceptionally lax security measures employed by the exchange.
“It would be like driving to New York City to the most dangerous neighborhood in town in your brand new Mercedes and leaving the keys in the car with the window down,” Pestana said.
He added that companies and individuals could easily protect themselves and their bitcoin by storing it in a secure exchange, a cloud-based “wallet” or an offline account.
Pestana described the increase in cryptocurrency usage as “revolutionary” and a movement he expects to grow in the coming years.
Walker concurred, saying there is always the possibility for human error in exchanges, like with Mt. Gox, but the actual cryptocurrency is not to blame.
"It's like someone losing a suitcase of money and blaming money for it," Walker said. "The idea of electronic money is absolutely here to stay."
Contributing: Ashley Kewish
- Renovation Solutions: 5 signs it is time to...
- It can cost you $12,000 a year to buy...
- How one woman unplugged from technology for...
- Why some handsome men have trouble finding work
- Why it's important to be yourself at work
- Joseph Cramer, M.D.: A different view of the...
- Dave Ramsey says: Don't be ashamed of...
- Can a company really be altruistic?
- Dave Ramsey says: Don't be ashamed of... 18
- What could McDonald's do to fix its... 11
- Joseph Cramer, M.D.: A different view... 7
- How one woman unplugged from technology... 6
- It can cost you $12,000 a year to buy... 5
- Why some handsome men have trouble... 2
- Renovation Solutions: 5 signs it is... 1
- Why college matters more today than 20... 1