Billionaire investor Warren Buffett was recently interviewed on CNBC’s Squawk Box, where he discussed his opinion on bitcoin. As he has done in the past, the business magnate likened bitcoin to gambling and chain letters he received as a child.
Buffett Weighs in on Bitcoin, Warns Against Trying to ‘Bet Against the House’
Warren Buffett has made it clear that he is not a fan of bitcoin, and he once said he wouldn’t buy all the bitcoin (BTC) in the world for $25. As per usual, the Oracle of Omaha once again voiced his disdain for the leading cryptocurrency during an April 12 interview on CNBC’s Squawk Box, summarizing bitcoin as a “gambling token.” He also suggested that the world has seen a major surge in gambling, likely due to stimulus checks being sent out. “You had millions of people who were receiving checks and money, sitting at home and finding out that they could have a roulette wheel in their house,” the investor said.
When asked about bitcoin (BTC), Buffett said:
Bitcoin is a gambling token, and it doesn’t have any intrinsic value — but that doesn’t stop people from wanting to play the roulette wheel.
The Berkshire Hathaway chairman and CEO further compared bitcoin to chain letters, which were commonly sent via snail mail back in the day. “I didn’t like chain letters when I was a kid,” Buffett explained to the hosts. “I thought, ‘Why in the world would I send along a chain letter — when I could start my own?’”
Despite Buffett’s lack of enthusiasm for bitcoin, he is known for his investing prowess. Berkshire Hathaway owns some of the world’s most well-known companies, including Geico, Fruit of the Loom, Duracell, BNSF Railway, See’s Candies, Clayton Homes, Pampered Chef, and Dairy Queen. According to companiesmarketcap.com, Berkshire Hathaway (BRK-B) currently holds the eighth-largest market capitalization in terms of assets in the world. Bitcoin (BTC), on the other hand, is the tenth-largest market valuation worldwide, according to the same website.
What do you think about Warren Buffett’s opinion on bitcoin and gambling? Do you agree or disagree with his views? Share your thoughts in the comments below.
