To those that do, some rich guy's opinion doesn't mean a lot. It's just another opinion floating in the infinite opinion space. Authority means nothing to them.
To all others: Sell!
1) What I initially found the best feature of BTC (the finite pool) has turned it into a digital gold, and unusable for real day to day transactions imo.
2) The blockchain is too slow, and too expensive.
Now maybe BTC does have a future as digital gold, but not as a medium for transactions in the legal space (imo)
It feels to me a fallacy to think because you understand the tech, you are magically a good investor in it.
Buffet is historically one of the most successful investors in assets, and that usually didn't require him to "technically" understand every detail of the inner working of the offered product.
It helps your investment
- if you are able to distinguish good code from bad (technical skill)
- if you understand whether a blockchain (or tangle or whatever) is appropriate for the coin's use case (technical skill)
- if you understand how fiat money works (financial skill)
- how hyped and bubbly markets work (financial skill)
- ...
So it's good to know both and if you do, you arrive at your own opinion / take, regardless of what Dimon, Thiel or Buffet say.
1) If you want to invest in cryptocurrencies, you should understand them. (true/false)
2) Most cryptocurrency investors don't understand cryptocurrencies. (true/false)
3) I understand cryptocurrencies. (true/false)
I would guess each question would have 80%+ true responses.
Crypto is a foolish long-term investment. Even in the short-term it's akin to gambling.