Bitcoin gets another swipe from Buffett
Bitcoin may not be “rat poison squared” but that doesn’t mean Buffett likes it. His latest statements prove that.
In an interview with CNBC’s “Squawk Box”, Berkshire Hathaway CEO Warren Buffett expressed several opinions about Bitcoin. None of them are good.
He once again emphasized that Bitcoin has no intrinsic value. And added that it is a gambling token too.
“But that doesn't stop people from wanting to play the roulette wheel," says Warren Buffett. “People like to play the lottery. It's appealing to the gambling instinct. We've had an explosion of gambling."
Acknowledging that he likes to bet, Buffet said he prefers to do so on football games. “If I’m sitting and watching, it makes it more interesting. But I don’t think I want to make a living trying to bet against the house,” he explains.
The Berkshire Hathaway CEO has a track record of statements about Bitcoin that vary from highly offensive to just bad. The first statement in 2018 described BTC as “probably rat poison squared”. In contrast, the last one explains why the mother-of-all-crypto is inferior to real estate and worthless.
Vice chairman of Berkshire Hathaway Charlie Munger is a vehement critic of BTC too. He previously labeled cryptocurrency as ‘crazy, stupid gambling,’ calling ‘people who oppose my position idiots’.
Despite being outspoken, Buffet enjoys support among investors bullish on crypto. In June 2022, Gagarin News reported that celebrity investor Marc Cuban praised Buffet’s wisdom, quoting him, “when the tide goes out, you get to see who is swimming naked".
In March 2023, UK artificial intelligence engineer Mayo Oshincreated an AI bot called "Warren Buffett" to revolutionize the way complex financial documents are analyzed. The bot aims to save time by quickly extracting relevant information from lengthy annual reports and other financial filings.
