Buffet says he can’t turn back the clock on Bitcoin
Warren Buffett said he doesn’t know “how to turn back the clock” on Bitcoin.
Talking to CNBCThe chairman of Berkshire Hathaway likened Bitcoin to roulette, saying the leading cryptocurrency is a gambling token with no intrinsic value.
Bitcoin is gambling, says Buffett
Nonetheless, Buffett admitted that the lure of easy money and getting rich quick is understandable and “so human.”
Buffett said he is not immune to that sensation, recounting the one time he gambled on football — and won $550.
“The urge to participate in what looks like easy money is a human instinct that has been unleashed; it was always there.”
With that, he compared Bitcoin’s appeal to the temptation of gambling in an attempt to make it big, adding that in gambling the losses are often downplayed while the gains are exaggerated.
The billionaire said he prefers to get rich slowly.
Rat poison in square
In 2018, during a Berkshire Hathaway shareholder meeting, Buffett famously called Bitcoin rat poison squared — and predicted the industry would implode.
“When it comes to cryptocurrencies, in general, I can say with almost certainty that they will come to a bad end.”
While other skeptics have softened or changed their views over time, such as Ray Dalio, who said he now greatly admires Bitcoin, Buffett clings to his earlier opinions.
Author of Business Blockchain, William Mougayerputs this down to a generational block, saying he can only see the speculative part, not the technological use cases.
Bitcoin rose above $30,000 on Tuesday – hitting a 10-month high.
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