'Disciple' Of Buffett, Palihapitiya Bullish On BTC Despite His Mentor's Grumblings

Chamath Palihapitiya, a self-professed "Disciple" of investors Warren Buffett and Charlie Munger - has said that the two crypto skeptics are "All wrong" about Bitcoin, CNBC reports Wednesday, May 9.At the beginning of this month, Buffett called Bitcoin "Rat poison squared," and Munger said that investing in crypto was akin to "Trading freshly harvested baby brains." Earlier this year, Buffett had said that Bitcoin did not fit the requirements to be a currency.

In today's interview with CNBC, the founder and CEO of VC firm Social Capital Palihapitiya spoke about the investing advice given to him by Buffet - "You define a circle of competence and you stay within in," noting that "Technology is not in his circle of competence."

"I think they're all exceptional at what they do."

"I feel like i'm in two different universe, I need a passport to go between the Bitcoin world and my regular world."

"It's really important not to forget what happened. Why would it not make sense to have a non-correlated hedge? This is about buying insurance."

Cointelegraph published an Expert Take earlier this week about why Buffett and Wall Street should embrace both Bitcoin and blockchain technology in order not to fall behind.

Some on Wall Street have already made moves towards the crypto sphere, as Goldman Sachs announced last week that they would be offering Bitcoin contracts in the future, and the owner of the New York Stock Exchange reportedly showed an interest in letting customers buy and hold BTC..