Buffet says he can’t turn back the clock on Bitcoin Buffet says he can’t turn back the clock on Bitcoin
The Berkshire Hathaway Chair likened interest in Bitcoin to the lure of easy money gambling.
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Updated: Jul. 18, 2023 at 2:28 am UTC
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Warren Buffett said he does not know “how to turn back the clock” on Bitcoin.
Speaking to CNBC, the Chair of Berkshire Hathaway likened Bitcoin to roulette, saying the leading cryptocurrency is a gambling token with no intrinsic value.
Bitcoin is gambling, says Buffett
Nonetheless, Buffett conceded that the lure of easy money and getting rich quickly is understandable and “so human.”
Buffett said he is not immune to that sensation, as he recounted the one time he gambled on football – making $550.
“The urge to participate in something that looks like easy money is a human instinct, which has been unleashed; it was always there.”
With that, he compared Bitcoin’s appeal to the temptation of gambling in a bid to strike it big, adding that, in gambling, the losses are often downplayed while winning is exaggerated.
The billionaire said he prefers to get rich slowly.
Rat poison squared
In 2018, during a Berkshire Hathaway shareholders meeting, Buffett famously called Bitcoin rat poison squared – predicting that the industry would implode.
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”
While other skeptics have softened or changed their view over time, such as Ray Dalio, who said he now greatly admires Bitcoin, Buffett clings firmly to his past opinions.
Author of the Business Blockchain, William Mougayer, puts this down to a generational block, saying he can only see the speculative part, not the technological use cases.
Bitcoin rose above $30,000 on Tuesday – posting a 10-month high.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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