Warren Buffett Takes Another Dig At Bitcoin

Warren Buffett, the Chief Executive Officer of Berkshire Hathaway, and a frequent rich list topper, is known for his credulity towards Bitcoin. Consequently, he also ends up making several scathing remarks about the top crypto and hates on it quite unabashedly. Now, it seems he is back at it again, taking a dig at Bitcoin, and calling it out for the rising number of cryptocurrency scams and saying it is nothing more than a gamble.

According to reports, it seems that Buffett said that Bitcoin is a means of gambling away one’s money. He was attending Berkshire Hathaway’s annual meeting being held at the CHI Health Center, in Omaha, Nebraska, when he said these to the journalists looking to pick up a few quotes from the top-notch business mogul.

He said:.

“It’s a gambling device, there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it.”

While one cannot entirely deny the semblance of truth in Buffett’s statement, it does seem like he tends to disregard absolutely everything good in crypto as he is preoccupied with its volatility and unregulated nature.

He also reiterated his previous stance that Bitcoin serves no purpose and that it just exists without reflecting any inherent value or representing any definite form of utility. On this note, he further commented:

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”

While those who made tonnes of money off Bitcoin back in 2017 would beg to differ, some people who may have sold off their crypto in 2018 might find reasons to agree with Buffett’s comments. To drive home the point about Bitcoin being utterly useless, Warren Buffett further compared it to a button on his jacket, in terms of value as a one-time buy.

He said:

“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use.”

Perhaps his button is more valuable than a single Bitcoin today, but as most crypto enthusiasts will agree, Bitcoin has definitely got more merits than Buffett’s buttons.