Four of the top five cryptocurrencies were in the red Monday after comments from multibillionaires Warren Buffett and Bill Gates.
Prior to Berkshire Hathaway’s annual meeting, Buffett described Bitcoin as “probably rat poison squared” and said that it will never produce any value for investors.
Bill Gates told CNBC that he would short Bitcoin if he could. He called cryptocurrencies “crazy, speculative things” and said that cryptocurrency investing is “a pure ‘greater fool theory’ type of investment.”
EOS was the only cryptocurrency to rise, recovering from last week’s downward streak.
Bitcoin Cash (BCH-USD) was the top decliner, down more than 6% to US$1,641.39.
Ethereum (ETH-USD) was the second-largest decliner, down nearly 6% to US$744.88.
Ripple (XRP-USD) fell more than 4% to US$0.83 while Bitcoin (BTC-USD) was down nearly 3% to US$9,383.47.
The North American Marijuana Index, comprised of the leading cannabis stocks in the US and Canada, fell more than 1%.
Medical cannabis company Sunniva Inc (OTCQX:SNNVF) saw a share boost after announcing the site of its Canadian facility. The Vancouver-based company has selected a 126-acre zone in Okanagan Falls, British Columbia, as part of a $7 million agreement. Shares were up less than 1% to US$6.84.
Research and development company Scythian Biosciences Corp (OTCQB:SCCYF) entered into an agreement with cannabis company Isodiol International Inc (OTCMKTS:ISOLF) to import Isodiol products throughout the Caribbean as well as Central and South America. Scythian Biosciences develops treatments and preventions for concussions and traumatic brain injuries through cannabinoid-based drugs. The Toronto-based company also invested $2 million into Isodiol. Shares of Scythian were down nearly 5% to US$3.07 while shares of Isodiol were also down around 5% to US$0.56.