Warren Buffett still sees bitcoin as a ‘gambling token’
- Bitcoin is up again following the U.S. inflation data on Wednesday.
- Warren Buffett reiterates that BTC doesn’t have any intrinsic value.
- BTC is currently up a whopping 80% since the start of the year.
Bitcoin has climbed a whopping 80% since the start of the year but the “Oracle of Omaha” is still not convinced that it’s an investable asset.
Buffett reiterates his view on Bitcoin
Legendary investor Warren Buffett continues to see the bitcoin as “rat poison squared”. Spending money on it, he reiterated today, is more akin to gambling than investment.
Bitcoin is a gambling token and it doesn’t have any intrinsic value, but that doesn’t stop people from wanting to play the roulette wheel.
Buffett is one of the most notable critics of cryptocurrencies at large.
Interestingly, though, his conglomerate Berkshire Hathaway increased its stake just a day earlier in Sumitomo Corp despite the Japanese trading company’s affiliations with Ripple.
Bitcoin is up after the U.S. inflation data today
Bitcoin is trading comfortably above the $30,000 level on Wednesday following the update from the U.S. Bureau of Labour Statistics which confirmed that inflation continued to ease in March.
And Buffett agreed that there’s no telling when the upside will exhaust. On CNBC’s “Squawk Box”, he said:
That’s predicting when speculation will end, when gambling instinct will go away, when more people would want to get out. If I were good at that, I’d make a lot of money in different things.
Remember that the total supply of bitcoin is scheduled to have in April or May of next year – an event that’s historically unlocked more upside in BTC.
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