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Speaking with a group of reporters just before the Berkshire Hathaway’s annual meeting which took place over the weekend at the CHI Health Center in Omaha, Warren Buffett ‘rained down’ heavily on Bitcoin, calling it a gambling device with lots of fraudulent activities connected with it.
In the ‘no holds barred contest’ as usual, the god of investing seized the opportunity to remind the public that the entire idea of Bitcoin does not settle well with him as an investor.
Adding to the pile of awful names and descriptions he has used for Bitcoin in the past, the business magnate told his audience that Bitcoin is nothing more than a gambling device. He stressed further that there has been a lot of frauds connected with it and disappearance too. Therefore, there is lost in it. To cap it all, he added that Bitcoin has produced nothing yet. Explaining further, he argued that the supposed ‘world largest cryptocurrency’ is more like a seashell which does absolutely nothing. It just sits there. “And that is not an investment to me,” he said.
Throwing even a bigger punch, Buffett likened the crypto coin to one of the buttons on his shirt. He explained that what he has when he tears off one of his buttons is a token. He could offer it for sale at the price of a thousand US dollars today and see if he can upsell it for $2,000 tomorrow. Nonetheless, the fact still remains that the button can perform just a single use. And that is a very limited use.
In like manner, he maintained his stand with blockchain – the technology that Bitcoin and other cryptocurrencies are built on. He asserted in the same strength that blockchain is very big. However, he quickly added, that it didn’t need Bitcoin. To strengthen his point, he chipped in that J.P. Morgan designed their own cryptocurrency.
When asked if he feels he will ever get involved with blockchain, he answered and said they are probably involved with the technology already – indirectly though. “But no, I wouldn’t be the person to be a big leader in blockchain,” he reaffirmed.
It will be noted that this is not Buffett’s first ‘fallout’ with Bitcoin. For as long as we can remember, Buffett has always made his stand clear with the crypto coin. And that stand has never been friendly – not once.