2018.05.0719:11:00UTC+00Bitcoin Retreats from 10, 000 Mark After Buffett, Gates Criticisms

Bitcoin almost broke the 10, 000 level but pulled away from the price threshold after criticism from some of the well-known billionaires in the markets.

According to CoinDesk, the cryptocurrency sank to a low of $9, 188.66 on Monday after rising above $9, 900 over the weekend. The digital asset has rebounded by almost 40 percent from the lows around $6, 700 in the previous month but has been unable to rise above the $10, 000 level.

Other cryptocurrencies were also trading lower Monday. Ether declined almost 7 percent, trading near $731, according to CoinDesk. Ripple and litecoin both fell roughly 5 percent.

Berkshire Hathaway Chairman and CEO Warren Buffett added to his recent bitcoin criticism and told CNBC that the “asset itself is creating nothing”. Speaking after Berkshire's annual shareholder meeting, the billionaire investor said that buying non productive assets means depending on the next person to buy it will pay more, which will also do the same.

Over the weekend, buffett had called bitcoin “probably rat poison squared”. Meanwhile. Berkshire Chairman Charlie Munger said during the annual meeting that trading in digital currencies is “just dementia”.

Microsoft co-founder Bill Gates told CNBC in the same CNBC interview “Squawk Box” that he would bet against bitcoin if he could. He said that as an asset class, bitcoin is not producing anything, therefore it should not be expected to rally.

Speculations that the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are meeting Monday to discuss whether securities laws should apply to cryptocurrencies including ether, the second-largest cryptocurrency could also be affecting prices.