Warren Buffett compares Bitcoin with a button on his jacket

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.