Warren Buffett, one of most famous American investors, claimed (again) “buying Bitcoin [and other cryptocurrency] is not investing. Well, while I agree with each his word, he has more things to teach us than me, so… let’s see what he said…
87-year-old American investor and CEO of Berkshire Hathaway, Warren Buffett, has again scorned investment in cryptocurrencies, claiming that “buying Bitcoin isn’t investing,” in an interview with Yahoo Finance in Omaha, Nebraska, these days, April 28.
“There’s [sic] two types of items that people acquire and feel they’re investing,” he mentioned. “One truly is investing and also the other is not.” He added:
“If you get something like a farm, an apartment residence, or interest inside a business […] you can do that on a private basis […] and it is a completely satisfactory investment. You look at the investment itself to provide the return to you. Now, in case you acquire some thing like Bitcoin or some cryptocurrency, you do not actually have something which has developed something. You’re just hoping the next guy pays much more.”
Buffett went on to suggest that such investments are merely a speculative “game” plus a “gamble” and that “no 1 knows exactly what it [Bitcoin] is.”
The so-called ‘Oracle of Omaha’ has repeatedly poured contempt on the crypto sector, claiming with oxymoronic “almost certainty” that cryptocurrencies “will come to a bad end,” in an interview this January, all of the while admitting that cryptocurrencies are “something I never know something about.”
Buffet has been recycling the lack of intrinsic value argument considering that 2014, when he 1st dismissed Bitcoin as “a mirage” on CNBC. Buffett has also wielded the bubble argument against Bitcoin, as well as stating that BTC can’t be valued because “it’s not a value-producing asset.”
The Oracle’s anti-crypto stance is shared by ousted Paypal CEO Bill Harris, who called Bitcoin a “scam” this week, and Buffet’s vice chairman at Berkshire Hathaway, 94-year-old Charlie Munger, who thinks interest in Bitcoin is “simply disgusting”.