Billionaire Warren Buffett Calls Bitcoin ‘Rat Poison Squared’May 7, 2018 6:56 pm
Warren Buffett, the outspoken billionaire chairman and CEO of Berkshire Hathaway, voiced his opposition to bitcoin at the company’s 2018 annual shareholder meeting Saturday, comparing the currency with rat poison, CoinDesk reported.
CNBC reported Monday, Buffett repeated his negative view on cryptocurrency, calling it “probably rat poison squared,” the report said.
“[Bitcoin] itself is creating nothing. When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.” – Berkshire Hathaway chairman and CEO Warren Buffett
This is not the first time Buffett has assailed the cryptocurrency, the report said.
Last week, he argued investing in bitcoin is a gamble, not an investment, CoinDesk reported.
“If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing,” he said at the time.
Back in January, he warned investors bitcoin and other cryptocurrencies would “almost certainly” come to a “bad ending,” CoinDesk reported.
And, last October, he declared the bitcoin market is a bubble, adding, “You can’t value bitcoin because it’s not a value-producing asset,” the report said.
– WN.com, Jack Durschlag