With a net worth of a ginormous $84.9 billion, Warren Buffet is a big name in the investment industry and is known as one of the most successful business magnate in the entire world. Buffet serves as an inspiration to those in the financial and investment sector and has even been referred as the “wizard” by many media outlets for his profound knowledge in all things investment.
However, Buffet is also well known for his skepticism when it comes to the cryptoverse and he doesn’t hold back those opinions. Now, yet again, Buffet made an appearance on CNBC’s Squawk Box, earlier today and he had a lot to say about Bitcoin.
Although Buffet has been a vocal critic of the crypto industry ever since the hype became real, this might be his harshest criticism of the crypto giant, Bitcoin as of yet. During the interview, he stated that, “It attracts charlatans” and went on further to elaborate that, “If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
However, Buffet didn’t stop there, he went on to say that Bitcoin, “has no unique value at all” and that “It’s a delusion, basically.”
Although the Berkshire Hathaway CEO presented a rather critical view of cryptos, he did however, point out that the technology and innovation behind the entire thing was actually good. “Bitcoin is ingenious and blockchain is important.” But this praise was short lived as he quickly concluded his point with the opinion that, “Bitcoin doesn’t produce anything. You can stare at it all day and no little Bitcoins come out.”
“It’s very ingenious to figure out how to have a limited supply, but they say blockchain doesn’t depend on Bitcoin. JP is even making their own, matched to the dollar.”
Last year in May, he called Bitcoin, “rat poison squared” and although cryptos like Bitcoin had a pretty good run in terms of gains, Buffet stated in a previous interview with CNBC that, buying Bitcoin was akin to “buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else will grow,”