Buffet Calls Bitcoin a ‘Gambling Device’

John Biggs
May 6, 2019 at 19:30 UTC
Updated May 6, 2019 at 19:33 UTC
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Bitcoin got another bashing from the Sage of Omaha.

Warren Buffet told reporters at Berkshire Hathaway’s annual meeting in Omaha, Nebraska that he still couldn’t support bitcoin.

“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. Bitcoin hasn’t produced anything,” he said.

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

Buffet also pointed to a button on his jacket and said that he could call it a token and charge $1,000 for it, wrote CNBC.

“What I’ll have here is a little token…I’ll offer it to you for $1,000, and I’ll see if I can get the price up to $2,000 by the end of the day… But the button has one use and it’s a very limited use,” he said.

Buffet has previously stated that bitcoin is a “delusion” but that blockchain is ingenious. Last year he called it “rat poison squared” and said it was a nonproductive asset.

When asked at this month’s meeting if he’d ever be involved in the technology, he replied: “I wouldn’t be the person to be a big leader in blockchain.”

Buffet image via Shutterstock.

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