When investing in bitcoin you’re just hoping the next guy pays more, Buffett says
Digital currencies begin Monday relatively unchanged as investors eye important levels ahead for the No. 1 digital currency.
After rising by as much as $3,000 in April, bitcoin BTCUSD, -0.28% is looking to push higher through psychological and technical resistance levels, which if breached, could result in a sharp move higher, according to one analyst.
“From a technical standpoint, there is some resistance that will put the asset [bitcoin]to the test,” wrote Naeem Aslam, chief market analyst at Think Markets U.K. “But a move above $10K could be very explosive and that would open the floor towards the $15K mark.”
A single bitcoin last changed hands at $9,271.10, down 0.2%, since Sunday’s levels at 5 p.m. Eastern Time on the Kraken exchange.
Buffett remains skeptical on bitcoin
In an interview Saturday, Warren Buffett, chairman and CEO of Berkshire Hathaway BRK.A, -0.72% BRK.B, -0.54% reiterated his stance on digital currencies, saying it isn’t really investing because they offer no tangible return.
“If you buy something like bitcoin or some cryptocurrency, you don’t have anything that’s produced anything. You’re just hoping the next guy pays more,” said Buffett. “You aren’t investing when you do that. You’re speculating.”
What are altcoins and futures doing?
It’s a mixed start for altcoins. Ether ETHUSD, -0.22% is up 0.9% at $686.24, Bitcoin Cash BCHUSD, -2.73% has lost 1.7%, last trading at $1,398.50, Litecoin LTCUSD, -0.12% is unchanged at $150.84 and Ripple XRPUSD, -2.01% is at 85 cents, down 0.9%.
Futures are outperforming spot early Monday. The Cboe’s May contract XBTK8, +1.64% is up 1.6% to $9,290 and the CME Group Inc. May contract BTCK8, +2.42% is higher by 2.4% at $9,300.
Read more at: Market Watch
