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Warren Buffet doubles down on Bitcoin criticism, labels it a “gambling token”

TL;DR

  • Warren Buffett, one of the most renowned investors in finance history, has once again voiced his opinion on Bitcoin, calling it a gambling token.
  • Buffett views cryptocurrency as speculative by nature.

Warren Buffett, one of the most renowned investors in finance history, has once again voiced his opinion on Bitcoin. In his latest critique, Buffett refers to Bitcoin (BTC) as a “gambling token,” sparking heated debate in the crypto community.

However, Buffet has long been a vocal critic of the leading cryptocurrency. Considering the strong performance of the digital asset since the beginning of 2023, Buffet remains unimpressed with Bitcoin.

Buffett’s latest Bitcoin bash

During a recent appearance on CNBC’s Squawk Box, Warren Buffett called Bitcoin a “gambling token” and questioned its overall value. However, the legendary investor has previously cast doubt on the digital asset, but his latest remarks offer a more explicit stance on its perceived lack of worth.

“Bitcoin is a gambling token, and it doesn’t have any intrinsic value,” Buffett stated. However, he acknowledged that this fact doesn’t deter people from investing, adding, “But that doesn’t stop people from wanting to play the roulette wheel.”

In the past, Buffett has referred to the digital asset as a “delusion” and made other harsh critiques. Interestingly, his latest comments come at a time when Bitcoin is performing exceptionally well, with the leading digital asset up more than 80% so far this year.

Is the Oracle of Omaha out of touch with crypto’s rising success?

Buffett’s investment philosophy seems rooted in his understanding of what holds value. Also, it appears that he views digital assets like Bitcoin as speculative by nature, with its volatility forming the basis for his perception of it as an investment gamble.

Notably, Buffett’s right-hand man, Charlie Munger, has expressed similar sentiments about crypto. In a previous interview with the Australian Financial Review, Munger advised investors to “never touch crypto.”

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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