Warren Buffett took aim at Bitcoin, calling the cryptocurrency intrinsically worthless.
Investing in cryptocurrencies is like trying to “play a roulette wheel,” the Berkshire Hathaway chairman said the US news channel CNBC.
Meanwhile, cryptocurrencies have recovered from the long winter, with bitcoin up 65 percent over the past three months.
We’re currently testing machine translations of articles by our US colleagues to bring you even more exciting content. This article has been automatically translated and reviewed by an editor. We welcome feedback at the end of the article.
Investor legend Warren Buffett on Wednesday called Bitcoin a “gambling chip” with no intrinsic value — while the cryptocurrency was trading near a 10-month high. The Berkshire Hathaway chairman and CEO escalated his fiery crypto comments, describing investing in digital assets as a casino of sorts.
“It has no value, but that doesn’t stop people from wanting to play roulette,” the 92-year-old said in an interview with the US news channel CNBC.
Cryptocurrencies like Bitcoin and Ethereum on the rise
Crypto markets have seen a broad upswing lately. Bitcoin and Ethereum are loud Messer are up 61 percent and 35 percent, respectively, but are still around 56 percent and 36 percent below their all-time highs set in November 2021.
read too
Cryptocurrency prices can be volatile. And markets have been particularly sensitive to speculation about the US Federal Reserve’s monetary tightening, as risky assets like cryptocurrencies sold off sharply amid higher interest rates.
Buffett: “I’ve always wanted to get rich slowly”
“You could spend the rest of your life spinning the roulette wheel because that’s where the winners are and people get upset about it,” Buffett said. “But that’s also why the slot machines make so much noise without paying out.”
People have an instinct to gamble, Buffett says, leading investors to flock to cryptocurrencies. He said allocation to this asset class is simply “eating up your money.”
read too
“The urge to get involved [das] what easy money looks like is a human instinct,” he added. “I’ve always wanted to get rich slowly and am having a lot of fun along the way.”
“>External content not available
Your privacy settings prevent the loading and display of all external content (e.g. graphics or tables) and social networks (e.g. Youtube, Twitter, Facebook, Instagram etc.). To display, please activate the settings for social networks and external content in the privacy settings .