Warren Buffett says he doesn’t know ‘how to turn back the clock’ for Bitcoin.
talk CNBCThe chairman of Berkshire Hathaway likened Bitcoin to roulette and said the major cryptocurrencies are gambling tokens with no intrinsic value.
Buffett Says Bitcoin Is Gambling
Nonetheless, Buffett admitted that the allure of making easy money and getting rich quickly was understandable and “very human.”
Buffett recalled one time he made $550 gambling on football and said he couldn’t escape the feeling.
“The urge to participate in something that looks like easy money is an unleashed human instinct. It’s always been there.
On top of that, he compared the appeal of Bitcoin to the lure of gambling, adding that in gambling, losses are often downplayed while wins are exaggerated.
The billionaire said he prefers to get rich slowly.
rat poison squared
At the 2018 Berkshire Hathaway shareholder meeting, buffett Known as the famous Bitcoin rat poison squared, it predicted that the industry would implode.
“Generally speaking, when it comes to cryptocurrencies, it’s almost a certainty that things will end badly.”
Other skeptics have softened or changed their views over time, but while Ray Dalio says he now admires Bitcoin a lot, Buffett has been skeptical of past opinions. I am persistent.
Author of Business Blockchain, William Moogeyerwhich breaks this down into generational blocks, stating that we can only look at the speculative part, not the technical use cases.
Bitcoin climbed above $30,000 on Tuesday, hitting a 10-month high.
A post saying that Buffet cannot turn back Bitcoin’s clock first appeared on CryptoSlate.