Warren Buffett’s “ fake ” insurance contracts, not Bitcoin (BTC), are the real poison for rats, says Max Keizer
- Insurance companies do not cover losses
- The real rat poison
Pierre Rochard, Kraken’s “ Bitcoin evangelist ”, recently criticized Warren Buffett, the fourth richest person in the world, for failing to pay business interruption claims during the COVID-19 crisis.
Rochard highlights the fact that the value of these insurance contracts is “essentially zero”, which is why Buffett is riskier than Bitcoin.
Insurance companies do not cover losses
Berkshire Hathway, the Omaha-based detention giant led by Buffett, has a penchant for insurance companies. Although his huge gamble on the industry has certainly paid off in the past, the COVID-19 crisis poses a major threat to the Buffett empire despite its impressive $ 120 billion balance sheet.
New Jersey lawmakers are currently trying to pass bills that would force insurers to pay losses from business disruption caused by the pandemic for businesses with fewer than 100 employees.
President Donald Trump also urged insurance companies to pay “ what is right ” since some policyholders have been paying premiums for decades.
The real rat poison
The Oracle of Omaha does not mince words when talking about Bitcoin. During his 2018 with CNBC Becky Quick, he nicknamed him “ squared rat poison ”.
After the high-profile dinner with Tron’s CEO Justin Sun, Buffett continued to insist that cryptocurrencies were worthless.
RT host Max Keizer, who is known as one of the first to adopt crypto, quipped that Buffett’s fake insurance contracts are poisonous for rats.