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Max Keiser thinks Warren Buffett will move soon to Bitcoin soon

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According to Max Keiser, host of popular RT show the Keiser Report, it is only a matter of time before Warren Buffett’s Berkshire Hathaway will invest in Bitcoin. 

Not long ago, Buffett sold most of his positions in major banks and bought shares in Barrick Gold — a large gold mining company. For Keiser, this represents a U turn in Buffett’s investing strategy:

“This will be the beginning of a huge transition out of financials, which he dumped recently into gold. And then therefore, he, or whoever takes his place, will soon be moving into Bitcoin.”

After years of bashing both gold and Bitcoin, Keiser says that Buffett realized these are now “the go-to assets for preservation, for protection” against the depreciation of the US dollar. According to Keiser, people shouldn’t spend time trading in the altcoin market, which he equates to galmbling. 

“You may make money over one month, two months. But are you going to make money over 5, 10, 15 years gambing? (…) The answer is a big fat no.”

Keiser’s rant didn’t spare Ethereum, the second largest cryptocurrency, which has come under fire recently due to allegations around the outstanding supply of Ether. 

“It’s still on Beta, it shouldn’t even be trading!”, Keiser said. Instead people should be focusing on hodling Bitcoin. 

According to Keiser, one of the major causes of global inequality is caused by the uneven way money is distributed throughout the economy by central banks.

Keiser pointed out that this phenomenon has been particularly evident since the Fed injected a massive amount of cash into the economy to counter the effects of the COVID-19. Keiser pointed out that most of the money was used to bail out large firms, while end consumers see little benefits. 

On the contrary, “Bitcoin goes directly from God to the consumers”, Keiser said. 

To watch the full interview with Max Keiser, check it out on our Youtube channel and don’t forget to subscribe!



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Ethereum investment products see largest weekly outflows on record — CoinShares

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Institutional investment managers continued to sell cryptocurrencies like Bitcoin (BTC) and Ether (ETH) last week, though the magnitude of the outflows have declined substantially from previous weeks, offering early signs that the worst of the market sell-off has subsided. 

CoinShares’ weekly fund flows report showed a $21.4 million drawdown over the previous seven days, compared with a $94 million outflow the previous week. Ether products registered their biggest weekly drawdown at $12.7 million. Funds dedicated to ETH had been outperforming Bitcoin in recent months, reflecting pent-up demand for the second-largest cryptocurrency.

All said, institutional investors have been net sellers of digital assets in four of the past five weeks. The period ending May 24 saw the biggest weekly outflow at $97 million, according to CoinShares data.

Related: Record $141M outflow from Bitcoin products signals institutions are bearish on BTC: CoinShares

“While sentiment has weakened over the last month investors on the whole remain committed given the magnitude of inflows seen this year,” the report says, alluding to the fact that crypto investment funds have raised $5.8 billion this year alone. That’s within 13% of the $6.7 billion inflows registered in all of 2020.

As Cointelegraph reported, crypto holdings among institutional managers reached record levels during the height of the bull market earlier this year. Naturally, many investors have been taking profits following the most recent bout of market volatility.

Nevertheless, the weekly fund flows report suggests market sentiment is gradually improving. Case in point: The Bitcoin Fear & Greed Index has rebounded from extreme lows despite remaining on the bearish side. Meanwhile, Bitcoin’s price pierced above $41,000 on Monday, marking a 12% gain as markets eyed recovery above key technical levels. The price of Ether also recovered 9% to hit $2,566.