Buffett Watch

Andreessen vs. Buffett: Is bitcoin a miracle or mirage?


Venture capitalist Marc Andreessen doesn't seem to think Warren Buffett is particularly qualified to opine on bitcoin.

The famed investor from Omaha recently called bitcoin a "mirage" on CNBC's Squawk Box, saying the the idea that it should have any intrinsic value is a joke.

Andreessen, co-founder of Silicon Valley venture capital firm Andreessen Horowitz, took umbrage at this, and said Buffett does not know what he is talking about.

"The historical track record of old white men who don't understand technology crapping on new technology is, I think, 100 percent," Andreessen said at a conference in San Francisco on Tuesday.

Andreessen calls bitcoin bulletproof, has words for Buffett

The tech veteran later took to his Twitter account to further explain why he does not think Buffett's opinion on cryptocurrency is worth much.

While Andreessen called Buffett a "personal hero" and believes the Berkshire Hathaway chairman is a "world-class expert in many areas," he said Buffett does not really understand tech and does not appreciate how monunmental an achievement bitcoin is.

buffett doesn't know tech tweet

bitcoin is a breakthrough tweet

But Buffett's claims of ignorance over all things tech-related has not stopped him from opining on bitcoin, Andreessen also tweeted. (Of course, neither has it stopped Buffett from having a Twitter account.)

Nevertheless, Andreessen claims he would never opine on something he does not understand—railroads, for instance—and thinks Buffett is not a credible authority.

buffett should know what he talks about tweet

But, as some pointed out on Andreessen's Twitter feed, bitcoin is as much a financial phenomenon as a technological one, and Buffett is rather well versed in finance.

bitcoin not a tech issue