Billionaire investor Warren Buffet believes that Bitcoin is a gambling token that has no intrinsic value. According to Buffet, investing in Bitcoin is similar to spinning a roulette wheel in hopes of making quick money.
Billionaire investor Warren Buffet has doubled down on his anti-crypto stance. In a recent interview with CNBC’s Squawk Box, the Berkshire Hathaway Chief compared crypto investing to gambling, taking particular issue with the world’s largest cryptocurrency Bitcoin.
The 92-year-old veteran investor is convinced that Bitcoin serves no purpose other than that of a speculative token, one with no intrinsic value.Buffet: Bitcoin doesn’t have any value
Warren Buffet did not mince his words when he shared his take on Bitcoin. According to him, Bitcoin is a gambling token that has no intrinsic value.
The billionaire investor believes that the motivation behind investing in the flagship cryptocurrency stems from the human instinct of wanting to get rich quickly.
According to Buffet, it’s the same instinct that drives people towards gambling. He added that investing in Bitcoin in hopes of making a profit is similar to wagering money by spinning a roulette wheel.
Warren Buffet told the host:
“It’s so human. Once unleashed, you can’t put it back in the bottle. Something like Bitcoin, its a gambling token and it doesn’t have any intrinsic value. It doesn’t have any value. But that doesn’t stop people from wanting to play a roulette wheel.”
Charlie Munger, a close confidant of Buffet, has a similar stance on Bitcoin. Munger previously urged the United States Congress to follow in China’s footsteps and take necessary regulatory actions to ban crypto assets from accessing global liquidity.
Buffet’s comments come amid a much-needed rally for Bitcoin, which pushed the king coin’s price above $30,000 earlier this week. At the time of writing, the flagship cryptocurrency was trading at $30,334.
Interestingly, until May last year, BTC’s market capitalization exceeded that of Buffet’s Berkshire Hathaway. As of now, Berkshire Hathaway’s market capitalization stands at $697 billion, in contrast to BTC’s $586 billion.