Warren Buffet: Bitcoin Is A Delusion And Has No Value
Berkshire Hathaway CEO Warren Buffett defined Bitcoin (BTC) as a delusion and said that it attracts charlatans, according to an interview with CNBC published on February 25.
It isn’t the first time that the Oracle of Omaha has leveled excoriating criticism at bitcoin. In May 2018 he stirred up crypto aficionados when he labeled it “rat poison squared” and in January of that year he said, “I can say with almost certainty that they will come to a bad ending.”
The 88-year-old billionaire owner of Berkshire Hathaway is no stranger to slamming bitcoin and blockchain. As CCN reported in April 2018, he called the world’s largest cryptocurrency “rat poison squared” and brushed it off as speculative gambling.
In the interview Monday, he did point to potential in bitcoin’s “important” underlying technology blockchain but said its success does not depend on cryptocurrency.
It is worth reminding that in October 2018, Berkshire Hathaway invested around $600 million in two fintech payment firms focused on emerging markets.
“I’m really sorry it happens because people get there hopes up that something like that is going to change their lives.” Buffett said on Monday. “I’m sympathetic to people that own it,” he told CNBC.
Bitcoin is virtually unchanged on the year, but down more than 80% from its all-time high near $20,000 in December 2017.