Warren Buffett: Bitcoin is a Gaming Token
Bitcoin has no intrinsic value, but that doesn’t stop people from wanting to “play roulette,” as stated in an interview with CNBC by the head of Berkshire Hathaway and billionaire investor Warren Buffett. He has noted that the desire to find “easy money” is inherent in a person – this is inherent in his nature.
Warren Buffett has stated that even though Bitcoin has no intrinsic value, this doesn’t stop people from wanting to “play roulette” with it.
Buffett has been very vocal in his criticism of Bitcoin, once calling it a “complete zero” with no value, and in May 2022 he stated that he would turn down the hypothetical opportunity to buy all bitcoins for $25.
He also predicted the collapse of the crypto industry, using terms like “rat poison squared” and “illusion without unique value.”
His associate, Berkshire Hathaway vice chairman Charles Munger, shares similar views. In 2022, he called cryptocurrencies “an investment in nothing”, compared them to “venereal disease”, and likened Tesla and Bitcoin to “lice and fleas.”
Munger also questioned Bitcoin’s ability to become the global means of payment, and in February 2023 he proposed to follow the example of China and ban cryptocurrencies in the United States.
