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.”
The Berkshire Hathaway CEO said bitcoin has no real value because it’s not a concrete product or service.
“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.”
Buffett joins a growing chorus of cryptocurrency skeptics who are convinced the digital currency ecosystem is a massive scam and a passing trend.
Buffett echoed the sentiments of four Nobel Prize-winning economists who say bitcoin’s true price should be zero, as the Inquisitr has reported.
“Does the world really need another speculative asset?” Nobel Prize winner Angus Deaton asked. “The only advantage as far as I can see is you can be a crook. It’s not an accident that people who demand ransoms demand them in bitcoin.”
Winklevoss Twins and Jack Dorsey Are Bitcoin Bulls
Meanwhile, bitcoin bulls like the Winklevoss twins, Tyler and Cameron, and Twitter billionaire Jack Dorsey remain steadfast in their conviction that bitcoin and cryptocurrencies will ultimately displace all other currencies.
“The world ultimately will have a single currency, the Internet will have a single currency,” Dorsey told the Times of London. “I personally believe that it will be bitcoin.”
The Winklevoss twins wave off crypto skeptics, saying they suffer from a colossal “failure of imagination” when they flippantly dismiss crypto.
Bitcoin billionaire Changpeng Zhao, the founder of cryptocurrency exchange Binance, agrees. He says digital currencies are here to stay, as the Inquisitr has reported.
“I’m convinced 100 percent that crypto is the future,” Zhao said. “I just know it will happen.”