Warren Buffet Claims that Bitcoin is a “Gambling Device”

Warren Buffet, the CEO of Berkshire Hathaway, has claimed that bitcoin is a “gambling device” that doesn’t produce anything. His words echo his overall investment strategy, which is to invest in businesses that generate revenue. He noted that bitcoin “doesn’t do anything,” and as such is “like a seashell of something, that is not an investment to me.

“People will create a gazillion of them naturally. There’s been a lot of fraud connected with them; there have been disappearances. So there has been a lot lost on it. The bitcoins haven’t produced anything,” Warren Buffet said.

Buffett also said that everyone he knows who understand cryptocurrency and blockchain technology believes blockchain is “very big,” but doesn’t necessarily need BTC. He used JPMorgan Chase, which recently launched its own cryptocurrency, as an example.