Warren Buffett Lost $28.5 Billion in a Week

If any of you thought that it was a bad week, then you should calm down. For billionaire Warren Buffett turned out to be much worse — over the past seven days he has lost $28.5 billion.

Almost no one, not even Peter Schiff, could escape the collapse of the global stock market. Schiff was delighted that gold reached a seven-year high on February 21. Then he did not miss the opportunity to make another attack on Bitcoin:

However, the enthusiasm passed quickly. Even Bitcoin did not escape the coronavirus, and its price dropped to $8,500 on February 28.

The Dow Jones, Nasdaq Composite, and S&P 500 fell more than 10% amid fears of coronavirus, which was the worst weekly result since October 2008.

While the Fed is preparing to lower interest rates and print money, the market has grown slightly. Bitcoin advocate Anthony Pompliano said:

Although the Fed may increase investor confidence for a short time, Bitcoin advocates understand the consequences of printing money. For example, the current $100 is equivalent to $3.87 in 1913, and this is due to printing.

It seems that even despite the constantly decreasing purchasing power of the US dollar and the loss of $28.5 billion, Buffett will be convinced that cryptocurrencies “have no value”.

Author: Marko Vidrih

Featured image credit: CNBC