Warren Buffett has changed his mind about gold as an investment, prompting some people to think that he might do the same with bitcoin. Max Keiser has predicted that the Berkshire Hathaway CEO will panic-buy bitcoin at $50,000.
Buffett Changes His Mind About Gold, Bitcoin Could Follow
Billionaire investor Warren Buffett had always held a negative view on gold as an investment. He previously said repeatedly that he preferred to buy shares of good companies instead of any gold investments. That has changed, however.
Buffett’s company Berkshire Hathaway revealed Friday that it had dumped bank stocks and took a position in a gold miner. The price of gold recently spiked to more than $2,000 an ounce. Berkshire Hathaway closed position in Goldman Sachs completely, reduced position in JP Morgan Chase by 61%, and sold holdings in Wells Fargo and PNC. Instead, the company bought a stake in Barrick Gold, one of the top gold mining firms, sending the miner’s shares soaring Monday along with shares of its competitors.
Another investment the…