Warren Buffett, the renowned investor and head of Berkshire Hathaway, has once again voiced his criticism of Bitcoin, stating that the cryptocurrency is an asset that lacks intrinsic value and is only suitable for gambling.
In an interview with CNBC’s Squawk Box, Buffett advised “sane investors” to avoid investing in digital assets, claiming that doing so is akin to insanity or gambling with a predictable outcome.
Buffett supported his claims by stating that cryptocurrencies have no inherent value and that investing in them is similar to gambling.
He argued that people enjoy gambling because it appeals to their hunting instinct, but he doesn’t want to participate in a game where the other person has an advantage.
While he enjoys betting on football matches, he doesn’t want to make a living by gambling against a casino.
Buffett also commented on the increasing interest of investors in digital assets amid the ongoing banking crisis, warning that gambling has become widespread in financial markets, with Bitcoin being the primary asset of this game.
While he acknowledged that for some investors, it may be a good game since the price of BTC has reached $30,285, his statement did not find support among most of his listeners.
Specialists from the American analytical company Bernstein Research have suggested that investors who invest in gold should consider investing in Bitcoin, as the profitability of BTC is expected to be higher in the foreseeable future.
However, most listeners considered Buffett’s speech chaotic, and his rejection of the cryptocurrency industry was due to outdated views on acceptable investment methods.