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

In an interview with Yahoo Finance, Warren Buffett, an American investor and Berkshire Hathaway’s CEO, once again underestimated cryptocurrencies. In the interview, Buffett stated:

“If you buy something like a farm, an apartment house, or interest in a business…it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like Bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”

Buffett continued to argue that such investments are only speculative plays which can be considered as gambling and that people follow it without even really knowing what it is really about.

In his previous interviews, Warren Buffett, aka ‘Oracle of Omaha’, had some oxymoronic comments on the issue.

In one of the interviews, he argued that cryptocurrencies will most probably come to a doomed end, while in another one, he admitted that he does not know anything about the subject.

Buffet has been  arguing Bitcoin’s lack of 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 there is no way that BTC can be valued since it is not “a value-producing asset”.

Buffett’s anti-crypto posture is shared by some others. His vice chairman Charlie Munger also thinks Bitcoin is plainly repulsive. In addition, the overturned Paypal CEO Bill Harris calls Bitcoin as a hoax.

 

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