Investing legend Warren Buffett says that Bitcoin (BTC) and crypto assets are for gamblers who are looking to get lucky.
In a new interview on CNBC’s Squawk Box, the Berkshire Hathaway CEO says that the top crypto asset by market cap has no intrinsic value and that those investing in it are essentially gambling.
According to Buffett, traders are being pulled in by an urge to participate in something that they believed could make them easy money.
“I think everybody in the country spends all their time gambling, flipping coins against each other…
The urge to participate in something [that] looks like easy money, it’s a human instinct which has been unleashed, it’s always there.”
Buffet goes on to call the king crypto a “gambling token” with no value that people can’t seem to stay away from.
“It’s so human, and once unleashed, you can’t put it back in the bottle. Something like Bitcoin, it’s a gambling token, it doesn’t have any intrinsic value… but that doesn’t stop people from wanting to play the roulette wheel.”
Last year, Buffet called out Bitcoin, saying that fiat currency is the only real form of money and that the thought of crypto assets being able to rival them is foolish.
He also said that if he were offered all the Bitcoin in the world for $25, he wouldn’t buy it.
“If you told me you owned all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I have to sell it back to you one way or another… It isn’t going to do anything.”
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