Billionaire Warren Buffet Calls Bitcoin a “Gambling Token”
Warren Buffet, the CEO of Berkshire Hathaway, has not been very kind towards Bitcoin. He has issued some harsh remarks on the top crypto while speaking on CNBC news recently. During his interview, he proceeded to term Bitcoin as a gambling token that does not have any intrinsic value.
It is worth mentioning that he has popularized crucial concepts in the financial markets such as not putting all your eggs in one basket. However, he has remained averse to the value of Bitcoin and expressed his concerns regarding the flagship cryptocurrency.
He was invited to speak at CNBC show Squawk Box recently. However, during the interview, the CEO and chairperson maintained a negative stance toward Bitcoin. He even compared Bitcoin to gambling casinos such as the roulette wheel.
He also claimed that people are attracted to cryptocurrencies based on human psychology to participating in easy money options.
He claims that working with crypto gives investors the same thrill as gambling. He told the interviewer that Bitcoin investors are placing a bet in the crypto exchanges against their savings.
Speaking with the journalists at CNBC, the experienced investor talked about various negative aspects connected to crypto such as ease of access. He claimed that millions of people are flocking to the crypto market to sit home and access the roulette wheel within the ease of their houses.
He also interjected that Bitcoin is built on market hype and powered by fear of mission out. He claimed that such market pressures can induce people to make wrong trading decisions. He also shared that he has not come up with any ideas to change the crypto craze.
He concluded his remarks by saying that he wishes to turn the clock on this matter. The remarks are not surprising as the legendary investor has slammed Bitcoin on several occasions. He even called Bitcoin rat poison and a delusion.
In addition, he keeps sharing cautionary measures for crypto investors to avoid taking big risks with volatile cryptocurrencies.
On one occasion in 2022, the business tycoon even claimed that he would not purchase the whole supply of Bitcoin for $25. He is often joined by his right-hand man Charlie Munger on dismissing crypto.
Charlie Munger also Slammed Crypto Many Times
Munger has even compared cryptocurrencies with venereal disease. It does not suffice to say that he is not happy with Bitcoin’s success in the last decade. He has maintained that Bitcoin is an apparatus used by criminals to perform extortion, tax evasion, terrorism financing, and all other types of common financial crimes.
When China imposed a ban on cryptocurrencies last year, the trader praised the step and even urged the government of the United States to follow in the same footsteps of Xi Jinping.
He has maintained a harsher tone towards crypto in comparison to Buffet. On the other end of the spectrum, Bitcoin and the crypto market has kept flourishing. Some independent financial studies have indicated that Bitcoin revenues have surpassed Berkshire Hathaway during the last 6 months.
While investors have remained optimistic towards crypto regardless of FTX and the traditional banking crisis, the remarks of Buffet and Munger have allowed them to adopt better risk management measures to manage their portfolios.
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