"Stock God" Warren Buffett has always scorned cryptocurrencies, and even though Bitcoin has surged 80% this year, he does not take it seriously. He once again criticized Bitcoin as a "gambling chip" with no real value.
Cryptocurrencies appear to have gained momentum since a wave of U.S. bank failures raised concerns about the traditional financial system, and expectations that the Federal Reserve (Fed) is nearing the end of its interest rate hike cycle encouraged Bitcoin to break out earlier this week. 30,000 US dollars, an increase of 82% during the year.
On April 12, Buffett bluntly stated in an interview with CNBC’s veteran program “Squawk Box” that Bitcoin is like a “Gambling Token” with “no intrinsic value” and described investing in Bitcoin as a “Gambling Token.” Coins are like playing Roulette Wheel.
"People like to play the lottery," says Warren Buffett on the crypto craze. "It's appealing to the gambling instinct. We've had an explosion of gambling." pic.twitter.com/pjNEKdNgr1
— Squawk Box (@SquawkCNBC) April 12, 2023
Buffett has repeatedly reported on Buffett's "unique insights" in the past. In 2018, he first compared Bitcoin to "rat poison," "worthless," and a "real bubble." Then he said at the shareholders' meeting that "Bitcoin It's like a gambling device."
In 2020, he criticized cryptocurrencies again, stating, "Cryptocurrencies have no value. I have never and will never hold any cryptocurrencies."
Recommended reading: No intrinsic value! Buffett: "Even if $25 could buy all the Bitcoins," I wouldn't buy it
This article Bitcoin surges 80% this year! Buffett disdains bitterness: It has no real value. First appeared on Block Guest.
