• Warren Buffett, Chair of Berkshire Hathaway, said he does not know “how to turn back the clock” on Bitcoin.
• Buffett likened Bitcoin to roulette and said it is a gambling token with no intrinsic value.
• He compared the appeal of Bitcoin to the temptation of gambling in a bid to strike it big.
Warren Buffett’s Opinion On Bitcoin
Warren Buffett, Chair of Berkshire Hathaway, recently expressed his opinion on Bitcoin. He said that he does not know „how to turn back the clock“ on Bitcoin and likened it to roulette. Furthermore, he described Bitcoin as a gambling token with no intrinsic value.
Comparing Bitcoin To Gambling
Buffett compared the appeal of Bitcoin to the temptation of gambling in order to get rich quickly. He recounted an instance where he himself gambled and made $550 from it but also cautioned against falling into this trap as losses are often downplayed while winning is exaggerated. Thus, he prefers getting rich slowly instead of trying for quick gains through gambling or cryptocurrencies like Bitcoin.
Rat Poison Squared
In 2018, during a Berkshire Hathaway shareholders meeting, Buffett famously called Bitcoin rat poison squared – predicting that the industry would implode due to its speculative nature which can be attributed more so to people trying for easy money rather than technological use cases associated with cryptocurrencies such as Bitcoin.
The Recent Price Surge Of BTC
Bitcoin rose above $30,000 on Tuesday – posting a 10-month high which has attracted attention from both sceptics and supporters alike who have revised their opinions on this cryptocurrency over time with some greatly admiring its potential now whereas others remain firm in their past opinions like Warren Buffet who still deems it as something risky and speculative in nature that might lead one into losses if they don’t take precautions before investing in it .
Conclusion
To conclude , despite having different views regarding cryptocurrencies like bitcoin , acknowledging its potential remains important because even if one doesn’t invest in it , understanding how digital assets work can help them make informed decisions about their investments .
