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Buffett: Bitcoin and Crypto Boom Lacks Substance

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Buffett: Bitcoin and Crypto Boom Lacks Substance

Investment wizard Warren Buffett has once again weighed in on the recent crypto boom, warning investors to beware of Bitcoin and other digital currencies as they lack any “substance.”

Describing Bitcoin and other digital currencies as “probably rat poison squared,” the Oracle of Omaha echoed previous comments warning of the potential pitfalls of cryptocurrencies. The comments come just weeks after an explosion of investment interest pushed Bitcoin and other cryptos to near-record highs.

However, the 87-year-old billionaire has long been skeptical of Bitcoin and other digital currencies, dismissing them in 2014 as “a very artificial thing” and questioning their speculative merits.

“Bitcoin has no unique value at all… It is a delusion, basically,” Buffett commented during the hearing of last week’s annual shareholders meeting of his company, Berkshire Hathaway.

He later compared the investment case for Bitcoin and other digital currencies to that of a seashell collector. “You can collect all the froth you want, but [seashells] have no intrinsic value,” he quipped.

Buffett went on to say that digital currencies lack any underlying value, and the weight of its price was instead buoyed by investor speculation.

“What you hope is that somebody else comes along and pays you more money for it,” he said.

The 87-year-old veteran listed a number of other warning signs that indicate there may be “trouble ahead” for Bitcoin and other digital currencies. He raised concerns of a lack of regulation to protect investors, as well as possible abuses by criminals.

Nevertheless, the investor still thinks that it is “too early” to write off the potential of digital currencies, saying he “wouldn’t be surprised if they succeed” in the future.

Whether Bitcoin and other digital currencies will thrive or fail remains to be seen. However, Warren Buffett’s comments serve as a warning to investors, cautioning them to remain vigilant of the waters.

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20 Comments

  2. ADDICTIONS : GREED is the O I L fuelling G A M B L I N G ! BE SURE, OF YOUR FUTURE…..work AT SOMETHING, WITH YOUR HANDS

    '' IN ALL LABOR, THERE IS PROFIT …..'''
    PROVERBS 14: 22 etc

    22 Do not those who contrive evil go astray? But those who plan goodness find loving devotion and faithfulness.
    23 There is profit in all labor, but mere talk leads only to poverty.
    24 The crown of the wise is their wealth, but the effort of fools is folly.…

    Proverbs 14:22

    Do not those who contrive evil go astray? But those who plan goodness find loving devotion and faithfulness.

    Proverbs 14:24

    THE CROWN OF THE WISE IS THEIR WEALTH, BUT THE EFFORT OF FOOLS IS FOLLY.

    In all labor there is profit: but the talk of the lips tends only to penury.

    Proverbs 12:24

    The hand of the diligent shall bear rule: but the slothful shall be under tribute.

    Proverbs 28:19

    He that tilleth his land shall have plenty of bread: but he that followeth after vain persons shall have poverty enough.

    John 6:27

    Labour not for the meat which perisheth, but for that meat which endureth unto everlasting life, which the Son of man shall give unto you: for him hath God the Father sealed.

    Proverbs 10:10

    He that winketh with the eye causeth sorrow: but a prating fool shall fall.

    Ecclesiastes 5:3

    For a dream cometh through the multitude of business; and a fools' voice is known by multitude of words. ( DONALD J TRUMP,…..comes into focus )

    2 Thessalonians 3:10-12

    FOR EVEN WHEN WE WERE WITH YOU, THIS WE COMMANDED YOU, THAT IF ANY WOULD NOT WORK, NEITHER SHOULD HE EAT…….

  7. What I find fascinating is that Warren Buffett thinks and talks like a nerd, with a dedication for investing into thoroughly researched businesses, yet many of the comments in this thread are about people's success with investing into BitCoin. I would like to know what service BitCoin generates, besides greed, then speculation based upon that greed, then posting about that online. Can we get back into hard and smart work that generates a service which truly serves us all?

  8. This guy is obviously the old generation and doesn't know anything about new tech. You can aswell interview your grandpa asking him for new computer tech advice.

  9. I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs Jennifer Rose.

  10. Clearly Mr.Buffet does not understand Cryptography and Blockchain technology. Why are governments embracing Blockchain technology and CBDC's? Do your due diligence Mr. Buffet.

  20. Someone asked Buffett not too long ago the following. What do you think with happen if the fiscal policy of the US over the last 10-15 years will continue?
    Buffet said that he has no idea where that could lead to. Wasn't that the real explosion of gambling, and at the government level of the US?
    The US national debt has gone from 10 trillion to 33 trillion from 2009 to 2023 in 14 years.

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