- The U.S. inflation data has seen the price of bitcoin rise again.
- However, Warren Buffett reiterates that BTC doesn’t have any intrinsic value.
- BTC is up by more than 80% since the beginning of the year.
Despite the surge in the number of visitors to the crypto space, the “Oracle of Omaha”, Warren Buffett, is still not convinced that it’s an investable asset.
Buffett Remains Skeptical of Bitcoin
Legendary investor Warren Buffett has once again voiced his opinion that bitcoin is “rat poison squared”, and that spending money on it is more like gambling than an investment.
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.
Buffett is one of the most vocal critics of cryptocurrencies in general.
However, his conglomerate Berkshire Hathaway increased its stake in the stock of Sumitomo Corp, a Japanese trading company with affiliations to Ripple, just a day before.
U.S. Inflation Data Boosts Bitcoin Price
Following the update of the U.S. Bureau of Labour Statistics, which confirmed that inflation continued its decline in March, bitcoin trades confidently above the $30,000 mark on Wednesday.
Buffett is aware that there’s no telling when the upside will exhaust, saying on CNBC’s “Squawk Box”:
That’s predicting when speculation will end, when gambling instinct will go away, when more people would want to get out. If I were good at that, I’d make a lot of money in different things.
It is estimated that bitcoin’s total supply will reach maximum capacity in April or May of next year – an event that’s historically unlocked more upside in BTC.
