FX.co ★ Warren Buffett believes in dollar, doubts Bitcoin

Warren Buffett, CEO of Berkshire Hathaway and one of the most well-known investors in the market, recently stated that he does not see any viable option for an alternative global reserve currency besides the U.S. dollar. However, he warned of the danger of printing too much money, which could lead to a weakened dollar in the future.

Buffett also noted that he highly doubts that any problems with the U.S. dollar, if they occur, would lead to an increased demand for cryptocurrencies, allowing Bitcoin to take the lead and become the "number one" in the world. His skeptical attitude towards the world's first cryptocurrency and other altcoins has been emphasized repeatedly in speeches and interviews. Most likely, Buffett is one of the last major investors who does not share any optimism about the development of new technology.

During the annual Berkshire Hathaway meeting, the legendary investor was also asked what he thinks about the process of de-dollarization, which global markets are experiencing, as countries like India and Brazil strive to reduce their dependence on the dollar and its ties to the U.S. Federal Reserve System's money.

Buffett explained that, in his opinion, the dollar has been and will be the only candidate for the title of the global reserve currency at this moment, but also expressed concern about how quickly the world is re-evaluating values, without putting the dollar's status as the global reserve currency at risk in the foreseeable future.

The danger of endless money printing is now the main threat to the dollar. Buffett explained that nobody knows the situation better than U.S. Federal Reserve Chairman Jerome Powell and added that he is not responsible for the country's fiscal policy.

Buffett also noted that when people lose faith in a currency, they behave very differently than when they deposit money in a bank or open a retirement plan that allows them to preserve their purchasing power in the future.

As for today's technical picture of Bitcoin, talk of continued growth can only be considered after maintaining control over the $27,200 level, the battle for which has been very active lately. This will give a chance for a bullish market to form with a perspective of updating $31,000. The ultimate target would be the $32,300 area, where a rather large profit-taking and Bitcoin pullback could occur. In case of a return of pressure on the trading instrument, the focus will be on defending the $27,200 level. Its breakthrough would be a blow to the asset, opening a direct road to $25,500. Breaking this level will "drop" the world's first cryptocurrency to around $23,900.

Ethereum buyers' focus is now on maintaining control over the nearest support of $1,800 and breaking the nearest resistance at $1,925, which has not been achieved so far. After that, an exit to $2,028 can be expected, allowing the continuation of the bullish trend and leading to a new Ethereum surge in the $2,127 area. Going beyond this will allow reaching $2,250. If pressure returns to ETH, the $1,803 level will come into play. Below, the $1,697 area is observed. Its breakthrough will push the trading instrument to a low of $1,640.