Warren Buffett compares Bitcoin with a button on his jacket

The investor from Omaha remains Bitcoin critic.
He says Bitcoin is a gambling device.

Warren Buffett remains a vocal Bitcoin critic. The famous investor also known as a “sage from Omaha”, compared the cryptocurrency with a gambling device that gave birth to a lot of frauds.

“It’s a gambling device... there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” he commented in the interview with CNBC.

He also confirmed that he did not consider Bitcoin as an investment option as it carried no value. Meanwhile, according to the recent research conducted by Greenwich Associates on behalf of Fidelity investments, nearly half of the surveyed investors, including hedge funds, pension funds and asset managers consider the benefits of investing in digital assets.

Buffett was very illustrative in his comments. Namely, he compared tokens with a button on his jacket.

“I’ll tear off a button here. What I’ll have here is a little token...I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day... But the button has one use and it’s a very limited use,” he said.

Previously, Buffett compared called bitcoin “rat poison squared”. Despite critical comments towards digital currencies, he acknowledged the benefits of the blockchain technology, though added that it did not need bitcoin.

At the time of writing, Bitcoin is changing hands at $5,700, mostly unchanged since this time on Sunday and 9% higher in recent seven days.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.