In an interview on CNBC’s “Squawk Box” Wednesday morning, Warren Buffett again shared his thoughts on bitcoin BTCUSD and crypto, comparing the two to gambling he’s seen throughout his life.
“I didn’t like chain letters when I was little. I thought why on earth would I send with a chain letter? […] I’ve seen people do stupid things all my life. And I really feel for that. I mean, people like to play the lottery […] people love the idea that they’re going to make more money tomorrow,” Buffett told CNBC’s …
In an interview on CNBC’s “Squawk Box” Wednesday morning, Warren Buffett again shared his thoughts on bitcoin
BTCUSD
and crypto, comparing the two to gambling he has seen throughout his life.
“I didn’t like chain letters when I was little. I thought why on earth would I send with a chain letter? […] I’ve seen people do stupid things all my life. And I really feel for that. I mean, people like to play the lottery […] people love the idea that they’re going to make more money tomorrow,” Buffett told CNBC’s Andrew Ross Sorkin.
Although Buffett has expressed this view before, the surprise of Wednesday’s interview is that he doubled down on it despite bitcoin’s recent rally. CNBC’s Andrew Ross Sorkin asked him exactly when bitcoin will become “not a thing,” though bitcoin has now been around for 15 years, is rising above $30,000 on Tuesday, and some industry experts have seen it as a safe haven for investing. compared to other options.
Buffett compared crypto to watching people gamble when he was on his honeymoon in Las Vegas in the 1950s.
“I looked at all these people, who had flown thousands of miles to do something that [was] unintelligent as fast as they could,” Buffett said. “They thought the dice were hot or something. And I thought, I’m going to get rich in this country, I mean, if that’s what people do. I can be smarter than that .”
Buffett added that it drives people crazy to see their neighbor making more money than them.
“It drives them crazy if their neighbor is making more money without knowing what they’re doing and they’re just sitting there and their spouse says ‘why is that guy getting a new car and why are we missing all this stuff?’ the gambling instinct is so strong,” Buffet said.
Bitcoin is trading at $30.217 on Wednesday morning, down 0.10% in the past 24 hours, according to CoinDesk data. The token is still far from the peak of $65,000 in November 2021.
