Warren Buffett, 87-year-old American investor and CEO of Berkshire Hathaway has again scorned investment in cryptocurrencies, touting that buying Bitcoin is not investing.
He said There are two kinds of items that people buy and think they’re investing. One really is investing and the other isn’t? he added.
Buffett further suggested that such investments are nothing more than speculative game and a gamble and that no one knows exactly what Bitcoin is.
Pouring contempt on the crypto industry, the so-called Oracle of Omaha has repeatedly claimed with oxymoronic almost certainty” that cryptocurrencies will come to a bad end, in an interview this January, all the while admitting that cryptocurrencies are something I don’t know anything about.
Buffett has also wielded the bubble argument against Bitcoin, as well as stating that BTC cannot be valued because it’s not a value-producing asset.
Buffet has been recycling the lack of intrinsic value argument since 2014, when he first dismissed Bitcoin as “a mirage” on CNBC.
The Oracle’s anti-crypto stance is shared by ousted Paypal CEO Bill Harris, who called Bitcoin a scam this week, and Buffet’s vice chairman at Berkshire Hathaway, 94-year-old Charlie Munger, who thinks interest in this digital currency is simply disgusting.