Warren Buffett Just Doesn’t Get Bitcoin Says Crypto Pioneer

our next guest is Marco Strang CEO and co-founder of Genesis Group one of the largest cryptocurrency miners in the world Genesis also owns one third of vancouver-based hive blockchain and Marco joins me now during block chain week here in New York City Marco nice to meet you welcome to the show thanks for having me so need to start by asking you Warren Buffett Charlie Munger Bill Gates all coming out with extreme hate towards Bitcoin just this week alone Marco what do you what do you think of that or what do you say to that when you when you hear these strong words well I think that's your space I mean how can I say I think this is nothing spectacular I mean there's always there's always been haters and always been very strong critical people towards the space and that's normal if something is new and has never been there before yeah people have their opinions and and buffer coming out saying it's rap Poisson squared I mean it can't get more venomous than that so what do you think they're not getting about the space what are they missing there so in case of Warren Buffett I really I think that he really doesn't understand it to the are technically enough to make a judgment like that I mean don't get me wrong I mean Warren Buffett is a it's a very big man and and I really it's an idol for me what he has done in the financial world is amazing but still I think that some of his arguments are just not not valid and I think we it is funny that you mention it because we have we're doing right now we are placing a billboard in in his hometown really like specifically addressed even maybe even see it when he's coming what's a little bored it says it says something like yeah Warren you we get you a point but we I think you're not right so don't be a hater well okay I was ahead of Warren Buffett right a lot of people drop buzzwords when we talk to Bitcoin space what do you think is the biggest misconception out there globally well I mean like do people get it do you think so I think a lot of people are using it for speculation and I think that's not the right reason okay and if you I think if people understand it fundamentally I think then they hopefully see some benefits in it I mean that it's like an independent yeah an independent system basically an independent asset independent monetary system a store of value and these points are I think fundamentally true and and bring an intrinsic and fundamental value to it do you follow the price action closely well I I mean we're in this space so long you know I'm not waking up in the morning and first thing what I do is check the price mate volatility of precious metals was crazy but I mean music Kryptos are on a whole other level here so how do you stomach that I think I probably it I think when it is just because it's still in its infancy it's still and and that means that of course there a lot of people have or how can I say gold doesn't have such a high price swings because it's a very big market so individual players can't move the needle so much but yeah so I went to Iceland I saw the facilities firsthand and it was really like a game changer for me because I thought wow like you know what's happening here is incredible what you guys are doing over there is just it's just you know enormous so do you think there's still room for the people trying this at home or you know building rigs up in their house is there still room for for the little guys out there you could want to start or is it too late well I yeah it's still it's still there I think we're still at the phase basically in the Californian Gold Rush where people were coming and they're basically going really on the river and trying to dig they're trying to mind themselves and find gold in the rivers I think it's it's very exciting time but of course it's they have a yeah they have a significant disadvantage doing it at home I saw I read a report that there's so many cryptocurrency miners are in Iceland right now that's causing almost an energy issue for the country are you planning to expand outside of Iceland whether countries are you looking at so I mean I I had that argument with one of the poly politicians and Eisen today I have to say I mean it's certainly not the case that the citizens of Iceland will not be able to turn on their lights anymore I mean what we're still working on our side it's the yeah there's still electricity so the world is not going down but yeah we in fact Iceland is really a little bit getting too small so we need to expand in other territories and we're doing that since a long time already so it's not a would you say is it an accurate statement to say that China still controls the crypto mining space here well I wouldn't say I wouldn't say that necessarily I think there's a lot of concentration in China that's right but the given hesitations from the political side has actually led to two miners decentralizing and and diversify divers you find there as it's outside of China marco you've obviously had tremendous success here what's next for you what's your vision well I mean Genesis is fundamentalist mining is fundamentally there to use the blockchain and be a core driver of the end of the ecosystem and really we see that the world the world will have will be can be much better with blockchain and we want to really contribute to that and I think we are we are so to speak the backbone of the industry we have a lot of responsibility and we we need to we want to use everything we can to make the world a better place with laws and and what would you say are the advantages of buying into a crypto minor as opposed to the actual crypto you mean as an investor yeah as an investor so well I mean it's a fundamentally different asset class I mean it's compared to buying gold or mining gold so mining creates a stream of revenue and and that of course that that can be for if for example the Bitcoin price is going down you still generate your revenue whereas when you're buying because price goes down you are really yeah you you're getting a good downside so I always say there is a buffer downside in the mining and the mining assets but in generally it's really I think that the probably the best is to have a well picked and that I versified portfolio and do a little bit of both get some ass get some some crypto but also mind them and the benefit of the mining is also that you can switch different cryptocurrencies and yeah and you are fundamentally contributing to the ecosystem and that's great Marco I wish you continued success I know you have a very busy schedule so I appreciate you stopping by thanks a lot and thank you for watching we'll be back next week you

6 thoughts on “Warren Buffett Just Doesn’t Get Bitcoin Says Crypto Pioneer”

  1. Assessing voluntary value to an invisible nonentity is most illogical. But after decades of using Government Fiat currency humans have been conditioned to accept, grade and add value to invisible nonentities. When logic is scarce and conditioning complete, the value of nothing can accelerate to very high levels and last for an eternity.

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