May 16, 2018 Guest(s): Marco Streng CEO, Co-Founder, Genesis Group
The visionary behind Genesis Mining - the world's largest cloud bitcoin miner has a strong response for billionaire investor Warren Buffett, who just last week called the crypto currency, "rat poison squared."
"He really doesn't understand it technically enough to make a judgment like that," said Marco Streng, the CEO of Genesis during Blockchain week in New York City.
"There have always been haters and critical people towards the space - people have their opinions," Streng said as a response to Buffett, Charlie Munger and Bill Gates who recently all shared harsh views on the crypto space.
Streng said that Genesis will be revealing a giant billboard in Buffett's hometown of Omaha, "It says, 'Warren we get your point, but we think you are not right.'"
Last year, Genesis connected the blockchain sector and traditional capital markets by partnering with HIVE Blockchain Technologies (HVBTF: US), the first publicly traded digital currency mining firm. The company calls Iceland home, whose cool climate and affordable green energy are ideal for mining newly minted virgin cryptocurrencies.
In terms of the growth of the crypto-space, Streng said it is still very much in its infancy. "There is still room for the people trying this at home, we are still in the phase of the California gold rush [in crytpos],"
Streng is a panelist at the Consensus 2018 conference, which will set participants back roughly $2,000 per ticket. With 8,500 attendees, the event will be bringing in $17 million in ticket sales alone this year.
The Bitcoin price was down over 3% on Tuesday at $8,464.18.