One of the best-known investors in the world explains how to invest: never stop studying, make long-term investments in reliable funds and avoid Bitcoin.

The Business Insider website has compiled a collection of six pieces of investment advice given in 2014 by one of the most influential businessmen in the world, Warren Buffet. Mr Buffet, also known as the Oracle of Omaha, has amassed a $63 billion fortune through his investment acumen and is always eager to provide advice to other businessmen.

Mr Buffett recommends investing in government bonds and other reliable stock, even if it only provides low yields. He also discourages businessmen from trying to amass fortunes too quickly because “it’s pretty easy to get well-to-do slowly. But it’s not easy to get rich quick”. Besides, the billionaire advices to buy and not to sell when stock prices drop.

One of the main tasks of an investor, according to Buffet, is to learn. Firstly, you should learn accounting because “accounting is the language of business” and is as useful as learning a foreign language. Secondly, before investing in something, you must get an idea of it. It makes no sense investing in things you know nothing about. That’s why Buffett himself never invests his money in gold or technology.

Perhaps that’s why the billionaire distrusts Bitcoin, calling it “a mirage”. He concedes that Bitcoin is a very efficient “method of transmitting money”, but says it does not have a value of its own and compares it to cheques which serve the same purpose: “The idea that it has some huge intrinsic value is just a joke in my view”.

Buffet’s distrust of Bitcoin is well-known. As early as 2013, when asked if he had invested in cryptocurrency, Buffett resolutely answered: “Of our $49 billion, we haven’t moved any of it to BitCoin”.