Despite the fact that Bitcoin’s (BTC) price has increased by over 80% since the beginning of the year, the leading digital asset is not without its critics.
In a recent interview with CNBC’s Squawk Box on April 12, one of history’s most successful investors, Warren Buffett, criticized Bitcoin, calling it a “gambling token” with no “intrinsic value,” It should be noted that Buffett has previously voiced his disapproval of the cryptocurrency asset.
“Bitcoin is a gambling token, and it doesn’t have any intrinsic value. But that doesn’t stop people from wanting to play the roulette wheel.”
The CEO of Berkshire Hathaway (NYSE: BRK.A) has previously described Bitcoin as “rat poison squared” and a “mirage” that draws con artists. In addition, he has advised investors to avoid Bitcoin, calling it a “delusion.”
The Oracle of Omaha’s critique of Bitcoin stems from his conviction that financial investments ought to have inherent value, which Bitcoin does not. He views cryptocurrencies as speculative assets with erratic price fluctuations and no intrinsic value.
Buffett and Munger on crypto
The same opinions are held by Charlie Munger, Buffett’s dependable right-hand man, who claims that investors should “never touch” cryptocurrencies and should instead support both fossil fuels and renewable energy in order to weather the current inflationary storm because “crypto is an investment in nothing” and is “partly fraud and partly delusion.”
Buffett and other anti-crypto billionaires were criticized by Anthony Scaramucci, the founder and managing partner of the investment firm SkyBridge Capital and a former adviser to Donald Trump, who claimed they hadn’t “done their homework” on the technology.
