Warren Buffett has made predictions about crypto, table tennis, and even his own death. Here are 12 forecasts and how they've turned out.

 

The Securities and Exchange Commission is suing Coinbase (COIN) and Binance because it believes many cryptocurrencies traded on those exchanges are securities that should be registered with the US regulator.

 

There is one big exception: bitcoin.

 

“The SEC has been extremely clear. Bitcoin is not a security,” Steven Lubka, managing director of Swan Bitcoin, told Yahoo Finance. “We’re very, very confident that never changes.”

 

That belief is encouraging investors to stick with the world’s largest cryptocurrency despite the industry turmoil triggered by new SEC lawsuits against the biggest cryptocurrency exchanges in the world and the US.

 

Bitcoin (BTC-USD) was up 5% Wednesday at 9:30 am New York time to $26,759, before settling back to $26,400 by noon. Its market share, a ratio of the coin's market capitalization over the total crypto market capitalization, rose 0.85% over the same period, suggesting crypto investors are seeking it out as a safe bet within the market.

 

Bitcoin is up 58% year to date, while still down by roughly the same amount from its November 2021 peak of $68,790.

 

Some bitcoin proponents expressed their optimism on social media, suggesting their favorite digital asset could benefit amid the legal battles.

 

Cory Klippsten, an outspoken critic of the larger crypto ecosystem and CEO of bitcoin financial services firm Swan Bitcoin, tweeted a graphic of bitcoin’s recovery this week and added a sarcastic: “Oh noes! Whatever is bitcoin going to do???!”