|

Warren Buffett compares Bitcoin with a button on his jacket

  • The investor from Omaha remains Bitcoin critic.
  • He says Bitcoin is a gambling device.


Warren Buffett remains a vocal Bitcoin critic. The famous investor also known as a “sage from Omaha”, compared the cryptocurrency with a gambling device that gave birth to a lot of frauds. 

“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 commented in the interview with CNBC.

He also confirmed that he did not consider Bitcoin as an investment option as it carried no value. Meanwhile, according to the recent research conducted by Greenwich Associates on behalf of Fidelity investments, nearly half of the surveyed investors, including hedge funds, pension funds and asset managers consider the benefits of investing in digital assets.

Buffett was very illustrative in his comments. Namely, he compared tokens with a button on his jacket.

“I’ll tear off a button here. What I’ll have here is a little token...I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day... But the button has one use and it’s a very limited use,” he said.

Previously, Buffett compared called bitcoin “rat poison squared”. Despite critical comments towards digital currencies, he acknowledged the benefits of the blockchain technology, though added that it did not need bitcoin.

At the time of writing, Bitcoin is changing hands at $5,700, mostly unchanged since this time on Sunday and 9% higher in recent seven days.
 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Bitcoin braces for US midterm elections as historical sell-offs revive downside concerns

Bitcoin (BTC) braces for the impact of the US midterm elections, just a week after the $6 billion hack from Binance. Historically, congressional elections have negatively affected not just the president’s party but also Bitcoin.

Bitcoin slips below $78,000 amid ETF outflows

Bitcoin (BTC) slips below $78,000 at the time of writing on Monday after posting its fourth straight weekly loss. Institutional demand shows signs of weakening, with spot Exchange Traded Funds (ETFs) recording outflows of over $202 million last week.

Crypto Today: Bitcoin, Ethereum and XRP consolidate amid weak market sentiment

Bitcoin hovers above $78,000, building on the 100-day EMA support as market sentiment remains weak. Ethereum shows signs of recovery near $2,300, though upside remains technically capped.

Pi Network tests long-term resistance breakout as selling pressure wanes

Pi Network edges higher on Monday, testing the bullish breakout of a long-term resistance trendline. Fear and Greed Index declines to 36 from 43 last week, indicating reduced risk appetite.

Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.