Billionaire Warren Buffett, an avowed cryptocurrency skeptic, blasted bitcoin again this weekend, saying it's nothing more than speculative gambling.
"You aren't investing when you [buy cryptocurrency]. You're speculating," Buffett told Yahoo Finance.
"There's nothing wrong with it. If you wanna gamble, somebody else will come along and pay more money tomorrow. That's one kind of game. But that is not investing."
"If you buy something like a farm, an apartment house, or an interest in a business…It's a perfectly satisfactory investment," Buffett said. "You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don't really have anything that has produced anything. You're just hoping the next guy pays more."
This is not the first time that Warren Buffett has slammed bitcoin and the virtual currency market. In January 2018, Buffett predicted that crypto will definitely come to a "bad ending."
"In terms of cryptocurrencies, I can say with almost certainty that they will come to a bad ending," Buffett told CNBC (see video). "When it happens or how or anything else, I don't know."