Rat Poison and Delusional?
Legendary investor Warren Buffett has once again chimed in on cryptocurrencies. It’s no secret that the Berkshire Hathaway CEO once labeled Bitcoin as “rat poison squared,” but he has once again weighed in on cryptocurrencies, blasting them as “worthless” and “delusional.”
During his recent interview with CNBC, Buffett lamented that cryptocurrencies have no use case, are only sold from one person to another, and at one point compared them to mailing checks!
Despite having dinner with Tron CEO Justin Sun and Litecoin creator Charlie Lee, Buffett’s opinion has not been swayed towards embracing cryptocurrencies, with rumors that Buffett gave away the Tron tokens that were gifted to him by Sun himself!
Warren Buffett called bitcoin a “delusion” last year. Have his thoughts changed about the cryptocurrency? Tune in to our conversation with the Berkshire Hathaway CEO tomorrow at 6 a.m. ET. #AskWarren https://t.co/WJ6RfV8d1C pic.twitter.com/FKgTVtTIMi
— CNBC (@CNBC) February 23, 2020
Buffett also stated that he does not own any cryptocurrencies and never will. Whether or not that is the case, we may never know.
It is also worth pointing out that despite Buffett’s phenomenal success in investing and business, technologically-driven opportunities like Google, Amazon, and Bitcoin have often slipped under his radar.
“Cryptocurrencies have no value!” – Warren Buffett
The only economic contribution of bitcoin is a fall in demand for suitcases because bitcoin makes it easier move money illegally, says Warren Buffett #btc #bitcoin #AskWarren pic.twitter.com/dyBTbyPRhk
— Squawk Box (@SquawkCNBC) February 24, 2020
The Hypocrisy of Many “Experts” and Mainstream Media
Buffett isn’t the first influential icon to hate cryptocurrencies (especially Bitcoin). JPMorgan CEO Jamie Dimon caused a temporary price crash in cryptocurrencies in late 2017 after calling Bitcoin a fraud, but then created JPM Coin using similar software to Ethereum.
This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.