Warren Buffett is right about crypto: Investment decisions shouldn’t turn on FOMO

BILLIONAIRE investors Warren Buffett and Charlie Munger have, again, ruffled feathers in the crypto fraternity with their recent criticism of bitcoin and other cryptocurrencies.

If we put aside for a moment their arguments on the utility, or lack thereof, of crypto and blockchain technology, perhaps both sides make a fair point – that is, we should invest in companies and industries only if we know what they are about, and understand the risks we are taking on.

At the Berkshire Hathaway annual shareholders meeting last month, Buffett said he would not take up an offer to buy all the bitcoin in the world for US$25.