Buffet says he can’t turn back the clock on Bitcoin

Warren Buffett said he doesn’t know “how to turn back the clock” on Bitcoin.

speaking to CNBCThe president of Berkshire Hathaway compared Bitcoin to roulette, saying that the main cryptocurrency is a gambling token with no intrinsic value.

Bitcoin is gambling, says Buffett

Still, Buffett conceded that the lure of easy money and get-rich-quick is understandable and “very human.”

Buffett said he’s not immune to that feeling, as he recounted the one time he’d bet on football and won $550.

“The urge to participate in something that seems like easy money is a human instinct, that has been unleashed; it was always there.”

With that, he likened the allure of Bitcoin to the temptation to gamble in an attempt to win big, adding that, in gambling, losses are often underplayed while wins are exaggerated.

The billionaire said he prefers to get rich slowly.

rat poison squared

In 2018, during a Berkshire Hathaway shareholders’ meeting, buffett famously called Bitcoin rat poison squared, predicting that the industry would implode.

“In terms of cryptocurrencies, in general, I can say with almost certainty that they will have a bad end.”

While other skeptics have softened or changed their views over time, such as ray daliowho said he now greatly admires Bitcoin, Buffett holds firmly to his past views.

Business Blockchain Author, William MougayerHe attributes this to a generational lock, saying he can only see the speculative part, not the technological use cases.

Bitcoin topped $30,000 on Tuesday, recording a 10-month high.

The charge Buffet says he can’t turn back the clock on Bitcoin first appeared in CryptoSlate.

Add Comment