‘Bitcoin Solves the Problem’: Bitcoin Enthusiasts Mock Berkshire Hathaway Following Stock Glitch
Bitcoin enthusiasts found humor in the recent stock glitch that caused Berkshire Hathaway, headed by Warren Buffett, to seemingly crash 99% in value. The sudden drop occurred due to a technical issue at the New York Stock Exchange (NYSE), affecting multiple large companies including Bank of Montreal. Although trading resumed and Berkshire Hathaway closed the day on a positive note, the incident did not reflect well on Buffett’s criticism of cryptocurrencies.
CEO of Blockstream, Adam Back, sarcastically referred to Buffett’s previous comment about Bitcoin being “rat poison squared.” Since that statement in May 2018, Berkshire Hathaway shares have increased by around 114%, while Bitcoin has made gains of approximately 600%. Buffett’s late vice-chairman, Charlie Munger, had also been a prominent critic of cryptocurrencies, labeling Bitcoin as “stupid” and “evil” with a high likelihood of reaching zero value.
The momentary decline in Buffett’s net worth was seen by many as an opportunity, with some jokingly suggesting the chance to acquire the billionaire investor. The resilience of Bitcoin trading was pointed out, as crypto exchange Kraken highlighted that Bitcoin trading cannot be halted like the temporary halt on the NYSE. Supporters of Bitcoin also emphasized how the Bitcoin network operates continuously, never experiencing downtime, although centralized exchanges have occasionally suspended trading and withdrawals. Buffett chose not to publicly address the stock crash, leaving room for meme accounts to fill the void, reminiscing about previous crypto catastrophes.
Overall, Bitcoin enthusiasts seized the opportunity to mock Berkshire Hathaway and underline the advantages of the decentralized cryptocurrency market.