Warren Buffett Calls Bitcoin a 'Gambling Token'
Berkshire Hathaway's chairman and CEO said bitcoin "doesn't have any intrinsic value ... but that doesn't stop people from wanting to play the roulette wheel."
Apr 12, 2023 at 2:27 p.m. UTCBillionaire investor Warren Buffett described bitcoin (BTC) as a "gambling token" in an interview with CNBC on Wednesday.
Echoing the dour opinion of the cryptocurrency that he has aired in the past, the Berkshire Hathaway (BRK.A) chairman and CEO said bitcoin "doesn't have any intrinsic value ... but that doesn't stop people from wanting to play the roulette wheel."
Commenting on gambling in general, Buffett said: "The urge to participate in something that looks like easy money is a human instinct which was always there."
Buffett is well known to be no fan of bitcoin, having referred to it as "probably rat poison squared" in 2018.
His top deputy, Berkshire Hathaway Vice Chairman Charlie Munger, has been even more outspoken over his disdain for cryptocurrency over the years, earlier this year calling for the U.S. to copy China and ban it.
"It's a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity," Munger wrote in an opinion piece for the Wall Street Journal. "The U.S. should now enact a new federal law that prevents this from happening."
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/008ae87f-5c6e-412b-816b-ded600ac5054.png)
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.