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."

AccessTimeIconApr 12, 2023 at 2:27 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC
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Billionaire 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."

Edited by Nick Baker.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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