Before Berkshire Hathaway held its annual meeting at the Nebraska State Omaha CHI Health Center, Buffett told a group of reporters, “It’s a gambling thing … There is a lot of fraud associated with it. Bitcoin does not produce any value. “
Warren Buffett’s aversion to Bitcoin escalated again, CNBC reported.
Warren Buffett added, “This is a gambling tool, and there is a lot of fraud.Bitcoin itself does not produce value, just like shells, it is not an investment for me. “
Buffett likened the cryptographic currency to a button on his jacket.
Buffett previously called Bitcoin a “rat poison,” and Berkshire vice chairman Charlie Munger said it was “foolish” to trade with cryptocurrencies. On Friday, Bitcoin rebounded from last year’s steep drop to a six-month high.
While buffett calls Bitcoin a “rat poison,” he sees some promise in the blockchain technology on which it is based.
“The blockchain is very good, but it doesn’t require Bitcoin,” Buffett said Saturday. JPMorgan, of course, has launched its own cryptographic currency. “
When asked if buffett would invest in blockchain, he said, “we may be indirectly involved, but I won’t be a major blockchain leader.”