Would You like a feature Interview?
All Interviews are 100% FREE of Charge
Legendary US investor and long-time cryptographer Warren Buffett has once again lashed out at Bitcoin, arguing that it is a gambling token and has no intrinsic value.
during wednesday interview On CNBC’s Squawk Box, the CEO and Chairman of Berkshire Hathaway labeled Bitcoin a “gambling token.”
He argued that people are seeking Bitcoin for “easy money” and warned that the pursuit of getting rich quickly involves significant risks.
“Bitcoin is a gambling token and has no intrinsic value. But that doesn’t stop people from wanting to play roulette.”
He added that people are drawn to cryptocurrencies because “the urge to participate in something that looks like easy money is a human instinct that will always be there.”
Meanwhile, Omaha’s Oracle, a nickname he’s earned as one of the world’s most successful and closely followed investors, says he doesn’t fall for get-rich-quick schemes. “I’ve always wanted to get rich slowly, and it’s been a lot of fun on the road.”
Contrary to Buffett’s stance, Bitcoin and the broader cryptocurrency market have recently experienced significant gains.
The major cryptocurrency is up over 80% YTD. The coin is currently trading above $30,000, up 25% in the last month alone.
In fact, Shark Tank star Kevin O’Leary recently revealed that Bitcoin had its best performance so far this year, followed by other altcoins, including Polygon’s Matic.
This year’s surge in cryptocurrency prices is expected to hit BTC in 2022 following several high-profile collapses of cryptocurrency projects and hedge funds, including the collapse of FTX, once the world’s third-largest cryptocurrency exchange. It happened after the crashed 65%.
Experts Fire Back Against Buffett For Criticizing Crypto
Buffett is known for his anti-crypto stance. In the past, prominent investors have called Bitcoin a “square rat poison” and a “delusion.”
In May 2022, the business mogul declared that he would not buy all of the world’s bitcoins for just $25.
“Even if you owned all the bitcoins in the world and offered it to me for $25, I wouldn’t take it,” Buffett said. “Because what am I going to do with it? I have to sell it back to you somehow.
Buffett’s business partner and right-hand man Charlie Munger shares the same view. He likened Bitcoin to a “venereal disease” and even called for a ban on the cryptocurrency sector.
Last May, CNBC anchor Hugh Son said the two had no knowledge of blockchain and crypto assets, adding that their valuation of Bitcoin was “pedestrian.”
Similarly, Mad Money host Jim Cramer said earlier last year that Munger was “out of touch” about the technology underlying cryptocurrencies and the reality that customers and investors want it. No,” he said.
SkyBridge Capital founder Anthony Scaramucci last year urged investors to ignore these crypto skeptics, arguing that perhaps Buffett and Munger haven’t done their homework.
“This kind of traditional finance person may have made the decision not to do their homework, or they may have done their homework, but decided it was too big a change for them at this stage of their careers. It is.”