Warren Buffett Calls Bitcoin a Delusion – But an Ingenious One

Warren Buffett Calls Bitcoin a Delusion - But an Ingenious One

Warren Buffett’s opinion of bitcoin has evolved. In a recent interview, he described the cryptocurrency as ingenious but also called it a delusion. While admitting that his opinion of bitcoin has been upgraded, the CEO of Berkshire Hathaway asserted that “it attracts charlatans.”

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

An ‘Ingenious’ Delusion

Berkshire Hathaway chairman and CEO Warren Buffett voiced his updated opinion about bitcoin in an interview with Cnbc’s Becky Quick on Monday. Emphasizing that his position on the cryptocurrency has not changed, he asserted:

Bitcoin, it’s ingenious. And blockchain is important. But bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day, and no little bitcoins come out or anything like that. It’s a delusion, basically.

Warren Buffett Calls Bitcoin a Delusion – But an Ingenious One

The 88-year-old investor and businessman has repeatedly criticized cryptocurrencies over the last few years for having no value. Ahead of a Berkshire Hathaway annual shareholder meeting last year, he told Quick that bitcoin is “probably rat poison squared.” According to Cnbc’s archive, he also used words such as a “mirage,” “not a currency,” and “tulips” to describe the cryptocurrency at the time.

Improved Outlook

Noting that Buffett’s stance on bitcoin has “gone from rat poison squared to a delusion,” Quick commented, “That’s kind of an upgrade.” Buffett did not disagree. He replied with “Well, yeah, you know, who knows where we’ll be next year.” The Oracle of Omaha admitted:

It was a very ingenious thing, to figure out how to have limited supply and make it harder and more expensive to create, all that sort of thing … This was explained to me by people a lot smarter than I am, but they say blockchain does not depend on bitcoin.

Bitcoin ‘Attracts Charlatans’

However, Buffett had more insults on hand for the cryptocurrency. He claims that bitcoin “attracts charlatans,” noting 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,” CNBC quoted him as saying.

Warren Buffett Calls Bitcoin a Delusion – But an Ingenious One

Buffett is not the only one still skeptical of bitcoin. The publication noted that among those who have questioned bitcoin’s legitimacy are Bill Gates, Nouriel Roubini, Robert Shiller, and fund managers Ray Dalio and Howard Marks. J.P. Morgan CEO Jamie Dimon has also openly criticized the cryptocurrency. After calling it a fraud in 2017, he admitted in 2018 that he regretted that statement, and recently his company unveiled a plan for its own dollar-linked stablecoin.

What do you think of Warren Buffett’s opinion of bitcoin? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Warren Buffett Calls Bitcoin a Delusion – But an Ingenious One appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2Tg9cE9

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more