Warren Buffett, the legendary finance mogul and one of the most successful investors in history, has once again shared his thoughts on Bitcoin
During an interview with CNBC’s Squawk Box on April 12, as he has done in previous interviews, Buffett likened Bitcoin to a gambling scheme and chain letters he received as a child.
Buffett is known for his distaste for Bitcoin, having once famously said that he wouldn’t buy all the Bitcoin in the world for $25. During the recent interview, he referred to Bitcoin as a “gambling token” and insisted that the world has seen an “explosion of gambling.”
Buffett stated that he likes to bet on football games because it “makes it more interesting,” but warned against making a living trying to bet against the house.
Buffett suggested that stimulus checks may have also increased the gambling drive, stating that “You had millions of people who were receiving checks and money, sitting at home and finding out that they could have a roulette wheel in their house.”
When asked specifically about Bitcoin, Buffett said that it doesn’t have any intrinsic value, but that doesn’t stop people from wanting to play the roulette wheel.
He compared Bitcoin to chain letters, messages commonly sent through snail mail that encourage the recipient to forward the message to a certain number of people, promising that they would receive some sort of benefit in return.
While Buffett is clear in his distaste for Bitcoin, he is known for his aptitude for investing. Berkshire Hathaway, the company he chairs and serves as CEO for, owns several well-known businesses such as Geico, Fruit of the Loom, Duracell, BNSF Railway, See’s Candies, Clayton Homes, Pampered Chef, and Dairy Queen.
According to the latest data from companiesmarketcap.com, Berkshire Hathaway (BRK-B) is listed as the eighth-largest market capitalization in terms of assets in the world. Bitcoin (BTC), on the other hand, is the tenth-largest market valuation worldwide according to the same website.
Buffett’s comments come amid increasing interest in Bitcoin and other cryptocurrencies, which have seen a surge in value over the past year.
While some investors see cryptocurrencies as a promising investment opportunity, others remain skeptical. Buffett’s comments highlight his skepticism, but it remains to be seen how Bitcoin and other cryptocurrencies will continue to perform in the future.
Warren Buffet Bitcoin
Overall, while Warren Buffett may not be a fan of Bitcoin, his success as an investor cannot be ignored. His comments serve as a reminder that investing in cryptocurrencies comes with risks, and it is important for investors to conduct thorough research before making any investment decisions.