Investor Warren Buffett: “Buying Bitcoin and Cryptocurrency is Not an Investment”

Warren Buffett, an American investor and Berkshire Hathaway‘s CEO at the age of 87, once again underestimated crypto-currencies today, claiming that on April 28, purchasing Bitcoin is not an investment in an interview with Yahoo Finance in Nebraska,Omaha.

“There are two kinds of things people think they have bought and invested in,” he said. “Someone is really investing and not the other,” he added:

“If you buy something about a farm, a flat, or an operation, you can do it on a special basis and it is an excellent investment. You look at the investment itself to make sure you get back. Now, if you buy something like bitcoin or a crypto currency, you have something that does not really produce anything. You only hope that the next man will pay more. “

Buying Bitcoin is speculative play and like gambling

Buffett continued to argue that such investments are only speculative “play” and “gambling” and that “no one knows exactly what Bitcoin is”.

Warren Buffett, nicknamed ‘Omaha’s Hero’, voiced in an interview in January that he knew nothing about crypto currencies.

“I would say that cryptocurrency is almost certain to result in poor results in general. I do not know when, how it will be or anything else “

Buffet says he has lost real value since 2014 when he first denied Bitcoin as a “mirage” in CNBC. In addition to using the bubble argument against Bitcoin, Buffett also noted that BTC “can not be valued because it is not a value-producing asset”.

Bitcoin is “a hoax”

Oracle’s anti-crypto posture was shared by Charlie Munger, a 94-year-old Berkshire Hathaway vice president of Buffet, who thinks Bitcoin is “a hoax”, the overturned Paypal CEO Bill Harris and Bitcoin’s “simply disgusting”.

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