Bitcoin Is a 'Gambling Device' Says Billionaire Investor Warren Buffett

Billionaire investor Warren Buffet, the CEO of Berkshire Hathaway, has recently revealed his position on cryptocurrency hasn’t changed, as when asked he claimed bitcoin is a ‘gambling device’ that doesn’t produce anything.

Speaking toFox Business’ Liz Claman, the billionaire investors noted that bitcoin “doesn’t do anything,” and as such is “like a seashell of something, that is not an investment to me.” His words echo his overall investment strategy, which is to invest in businesses that generate revenue.

In the past Buffett has stated that gold doesn’t produce anything as well, although the investor hasn’t bashed the precious metal as much as he did the flagship cryptocurrency. His most recent comments came during Berkshire’s annual shareholder meeting in Omaha, Nebraska. He added:

People will create a gazillion of them naturally. There’s been a lot of fraud connected with them; there have been disappearances. So there has been a lot lost on it. The bitcoins haven’t produced anything.

Claman then asked Buffett that if its price increased after he bought it, it would have “arguably done something.” Buffett used his button as a metaphor, claiming that whether its price would go up or not, it still had one, very limited use at the end of the day.

Notably, Buffett added that everyone he knows who understand cryptocurrency and blockchain technology believes blockchain is “very big,” but doesn’t necessarily need BTC. He used JPMorgan Chase, which recently launched its own cryptocurrency, as an example.

Notably Buffett and Jamie Dimon, the CEO of JP Morgan Chase, have last year told investors to “just beware” of bitcoin. Last year, Buffett and Berkshire’s vice chairman Charlie Munger slammed the cryptocurrency, comparing it to “turds” and “dementia.”

Earlier this year, the Oracle of Omaha claimed, during an interview with CNBC, that bitcoin is a “delusion” that “attracts charlatans.” At the time, he also noted he believes bitcoin as “no unique value” and “doesn’t produce a…

What a crappy composed article! They forgot to finish it! lol

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We all know he will be helping soros pump bitcoin

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What do you tell people when they use the “blockchain good, bitcoin bad” ignorant statement?

Also, why do some contest that blockchain is the waste-product of bitcoin? What would be someone’s reasoning for that?

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I would suggest to Mr. Buffet that if from his perspective. Then he might consider how it will replace something. It is replacing fiat in several Countries.

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First, I have a reasonable amount of respect for Warren, but people always takes his words and twist them into something else.

He said “Bitcoin doesn’t produce anything”.

He is both right and wrong with this statement. Just like Gold, Bitcoin doesn’t produce more Bitcoin, just like Gold doesn’t produce more Gold. Both are a store of value.

However, Bitcoin does produce something every time a mining reward is given or the difficulty is halved. In this case, the store of value is usually increased through work.

Warren did not say Blockchain is bad or doesn’t produce anything, if you asked him directly, he is actually quite bullish about Blockchain as a technology. A digital ledger that can be publicly verify-able is very useful for a number of cases.

" Notably, Buffett added that everyone he knows who understand cryptocurrency and blockchain technology believes blockchain is “very big,” but doesn’t necessarily need BTC. "

However, the last thing to remember, the big players don’t play by the rules fairly.

When someone with a large following says something is bad, you know they are shorting it :slight_smile:

Stay Fishy

Edit: did a bit of digging and…

  1. Berkshire Hathaway Invests Near $600 Million into India’s Paytm
  2. Paytm heading to blockchain technology
  3. India’s central bank has announced a ban on the sale or purchase of cryptocurrency.

This is how these guys don’t play fairly and my respect for Warren just decreased.

Stay Fishy

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