Opinion: Warren Buffet is Wrong About Bitcoin, and That's Okay

Cryptocurrencies took a beating at last week's Berkshire Hathaway annual shareholders meeting.

In comments to CNBC before the event, Berkshire Hathaway chairman and CEO, Warren Buffet, described Bitcoin as "Probably rat poison squared." Unlike other famed investors like George Soros, Buffet is a well-document skeptic of cryptocurrencies.

In January, Buffet told CNBC:. "In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad endingIf I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."

Goldman Sachs announced that it would open a Bitcoin trading desk, and The New York Times reported that Intercontinental Exchange, the parent company for The New York Stock Exchange, is considering development for a cryptocurrency trading platform.

Weiss Ratings, an independent agency that provides letter grades for various cryptocurrencies, sees things differently.

On Thursday, Martin Weiss, founder of Weiss Ratings, disputed Buffet's assertions, and he offered an alternative narrative that espoused the benefits of cryptocurrencies.

Weiss argues, cryptocurrencies are effectively a share in a particular blockchain platform.

Cryptocurrencies are already popular, and their integration is nearly unanimously trending toward higher levels of adoption, not less.

Even if demand subsides and their value decreases, they are still a fluid market, so Buffet's assertion that cryptocurrencies are effectively a static investment seems misguided or misunderstood.

Ultimately, cryptocurrencies don't attain validity by the affirmation of every member of the financial elite.