Why did Buffett refuse to invest in Bitcoin?

When the value of Bitcoin soared from insignificant to more than $100, Buffett sneered at it as "rat poison." When the value of Bitcoin soared to more than $9,000, his evaluation was more sharp: "It may be rat poison squared."

At the Berkshire Hathaway shareholders meeting, the investment guru criticized Bitcoin more directly, asserting: "Cryptocurrencies will eventually end badly because they do not create any substantial value."

Buffett believes that the value of cryptocurrencies depends entirely on the continuous influx of new participants and the ability of existing holders to resell assets to these new participants at a higher price. In his eyes, this mechanism is more like a fool's game than a real investment.

In an interview with Yahoo Finance, Buffett was even more blunt: "Buying cryptocurrencies is not an investment, but speculation. If you want to try your luck, someone may be willing to pay a higher price to take over tomorrow. But this is gambling, not investment."

He even said that he would never get involved in the field of cryptocurrency. "I have a headache with things I know a little bit about, so why should I touch things I don't understand at all?" he said, adding: "Bitcoin is like an illusion, just a means of transferring money. The idea that Bitcoin has great intrinsic value is a joke to me."

It is worth noting that Buffett also holds a similar view on gold. He believes that gold, as a non-productive asset, cannot generate more value. He prefers to invest in assets that can generate real returns, such as oil fields, factories or stocks that can generate dividends.

"You buy an ounce of gold, and hundreds of years later, it is still an ounce of gold." He commented.

However, this year, the price of Bitcoin once hit an all-time high of $75,830 and is currently stable at around $64,000. There are rumors that Buffett may have quietly invested in Bitcoin, but it is not known whether this is true. But if so, I wonder if the investment master will regret his past remarks? In any case, his past criticisms have been in sharp contrast with reality, which is undoubtedly a thought-provoking scene#币安合约锦标赛