Bitcoin has been surging lately, with one recent roller coaster ride towards a record high of over $11,000. With bitcoin being the talk of the town right now, it looks like pop star Katy Perry might want in on the action, and to help her out, she sought some advice from… Warren Buffett?
No one saw that one coming, but bitcoin’s soaring prices is giving life to cryptocurrency, and now, according to CNBC, so could Katy Perry’s Instagram account.
On Wednesday, the American Idol judge posted a photo to her Instagram account, which she happens to have 68 million followers. In the photo, Perry is having a face-to-face meeting with Warren Buffett. Perry captioned the photo, saying that she was talking to the Oracle of Omaha about cryptocurrency. The photo has more than 180,000 likes so far.
Bitcoin has been rising steadily over the past few days, as it surged past $11,000 on Wednesday. This came barely 12 hours after it topped $10,000 for the first time ever.
Warren Buffett is one of the richest men in the world, and CNBC reported that he is also one of the world’s most famous value investors. Buffett is known for his fondness of Cherry Coke and ukuleles, according to CNBC. While Katy stated she was talking to Buffett about cryptocurrency, she may not have gotten the answer she was looking for.
Buffett has not been a huge supporter of bitcoin or cryptocurrency. In October, Buffett met with a group of business students in his hometown of Omaha, Nebraska. During that meeting, he said that “you can’t value bitcoin because it’s not a value-producing asset.” Warren went on to say that it was a “real bubble.” In the past, Buffett has warned people against bitcoin, saying “it’s a mirage, basically.”
While bitcoin reached $11,000 earlier on Wednesday, CNBC reported that the cryptocurrency has gained and plunged well over $1,000 in 24 hours. CNBC stated that the digital currency dropped more than 18 percent from a record high of $11,388.33 to $9,290.30 on Wednesday. They have recovered some of that back, as it was over $10,400 at the time of this writing.
According to CoinMarketCap, the trading volume was an amazing $9.75 billion over the last 24 hours for bitcoin. That compares to $2.26 billion for digital currency ethereum. CNBC reported that Coinbase, the leading U.S. website for buying and selling bitcoin, reported record-high traffic on their site on Wednesday, and even had “downtime” during the day.