Robinhood Users ‘Steal Warren Buffett’s Money’ and Buy Bitcoin: Max Keiser
- A big selling mistake
- Why crypto advocates hate Buffett
In a recent series of tweets, RT host Max Keiser has taken yet another jab at Warren Buffett, the fourth-richest person in the world, by claiming that Robinhood traders had stolen his money.
Keiser also suggested that the users of the high-flying trading app went on to roll their huge profits into Bitcoin.
A big selling mistake
Robinhood is a millennial-friendly brokerage that allows trading without paying any fees. It recently raised a staggering $280 mln during its Series D funding round, which propelled its valuation to $8.3 bln.
According to Business Insider, the stocks of embattled airline companies were among the top choices of Robinhood traders in May. For instance, American Airlines shares are now owned by more than half of a million of the app’s users.
Retail investors rushed to buy the dip last month right on the verge of a major rally. For example, the shares of Delta Airlines skyrocketed almost 50 percent in early June.
This comes just a month after Buffett-helmed Berkshire Hathaway sold all of his airline stocks, fearing that they wouldn’t rebound from the pandemic.
The move was recently criticized by U.S. President Donald Trump who mentioned that Buffett had made ‘a mistake’ by exiting airlines.
Why crypto advocates hate Buffett
Buffett’s animosity towards Bitcoin has earned the legendary investor a lot of critics in the cryptocurrency space.
Keiser said that the ‘Oracle of Omaha’ had lost his credibility due to this stance on Bitcoin, the best-performing asset of the previous decade. He also mentioned that it was time for millennials and Gen Z to take the lead.
Buffett, who is currently sitting on a $122 bln stockpile of cash, also drew criticism from ‘Rich Dad, Poor Dad’ author Robert Kiyosaki because of his dismissal of Bitcoin and gold.
The billionaire famously called Bitcoin ‘rat-poison squared’ in 2018 and doubled down on his hate in his 2020 interview.