As Berkshire Hathaway stocks collapse, is bitcoin Warren Buffett’s Safehaven?

Table of Contents

• Crypto

• Berkshire Hathaway has been the latest business to see a huge decline in its stock prices due to the ongoing pandemic of the coronavirus. 
• This comes as well as business operations seeing a nosedive with a huge underperformance of its stock price.

Owned by Warren Buffett and one of the biggest holdings companies in the world, Berkshire Hathaway has been the latest business to see a huge decline in its stock prices due to the ongoing pandemic of the coronavirus. This comes as well as business operations seeing a nosedive with a huge underperformance of its stock price.

Crypto

Now whereas the traditional stock market has been hit extremely hard due to the ongoing pandemic, the crypto market has been able to thrive and remain relatively stable. Currently priced at $8700 at the time of writing, BTC has been able to see over 20% gains as it’s recovered from its flash crash in March this year. The leading crypto coin has also been able to outperform traditional assets such as gold and the Berkshire Hathaway stock.

As a result of the Berkshire stock crashing like many other traditional assets, the community has reinforced its argument that bitcoin holds more inherent value than any other leading stock. This has led to many in the community to urge the billionaire investor to move to bitcoin. But this would be a lot easier said than done.

Warren Buffett is a well-known heater of bitcoin. He once called the currency rat poison and even though he sat down with the CEO of Tron earlier this year following a charity lunch and, it is well known that the traditional investor has little faith in bitcoin.

It isn’t long until the highly anticipated bitcoin halving takes place in the industry. The community is extremely (extremely!) excited for this event as it could potentially see BTC return to highs of $20,000.

One member of the community, Ivan on Tech said the following on Twitter in typical bullish manner.

Bitcoin is gearing up for a massive run up to the $20,000 level...

Can we snap there before the halving?

— Ivan on Tech (@IvanOnTech) May 2, 2020

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!