Warren Buffett Takes a Moment to Insult Bitcoin at His Berkshire Hathaway’s Annual Meeting

Everyone in the crypto industry knows Warren Buffett's view of Bitcoin, calling it “rat poison squared,” among other things. However, at the annual meeting for Berkshire Hathaway, Buffett doubled down with more accusations against the original cryptocurrency.

  • Warren Buffett calls Bitcoin a “gambling device.”
  • Despite reprising his anti-Bitcoin stance, Buffett calls blockchain “very big.”

There is not any doubt in the cryptocurrency industry, regarding the way that Warren Buffett feels about Bitcoin, or “rat poison squared,” as he calls it. After the recent annual meeting of Berkshire Hathaway, Buffett practically doubled down on his statements, saying that the cryptocurrency is “a gambling device,” bringing attention to the many scams in which Bitcoin has played a role. Buffett even implied that Bitcoin is useless, considering that it “doesn’t do anything” and “hasn’t produced anything.”

Reported by CNBC, Buffett took the opportunity to put on a show, adding that he would pull a button off of his jacket, using it to symbolize Bitcoin as a token. He told the reporter that he would offer it at a price of $1,000, and he’d try to increase its value by twice over, pointing out that the button, much like Bitcoin, “has one use” which is “limited.”

Charlie Munger, the vice chairman of Berkshire, also made comments at the meeting, saying that the process of actually trading cryptocurrencies is “just dementia.” However, Bitcoin is having a relatively good year so far, priced at $5,814.78 at the time of this article and up nearly 55% on the year to date.

While it is clear that Buffett is still not a fan of Bitcoin, the same cannot be said of blockchain. He pointed out that the creation of the fintech “didn’t need Bitcoin.” He added that major financial institution JPMorgan Chase has already developed a cryptocurrency, though the use of this term has irritated some of the community, since the JPM Coin does not fall in line with the traits of other cryptocurrencies.

There have already been multiple industries to test out blockchain’s function as a separate entity from cryptocurrency, suggesting that there’s a possibility that Buffett could be half-right. However, Wences Casares, who is a pioneer of blockchain technology, has stated before that the belief in blockchain technology as a completely separate entity from Bitcoin show “ignorance for how the system works.” He added that there is no blockchain without Bitcoin, because it would eradicate miners to remove Bitcoin. Without miners, there is no blockchain to uphold.

Discussing the potential for Buffett to get involved with blockchain, he commented that his firm may already be participating in the tech “indirectly.” However, he does not see himself as someone who will become a “big leader” in this part of the sector.

Bitcoin’s price is $10,658.50 BTC/USD exchange rate today. The real-time BTC market cap of $197.08 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $186.98 Billion and live coin value change of BTC 1.34 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,658.5021 change ~ 1.34%

Coin Market Cap

$197.08 Billion

24 Hour Volume

$186.98 Billion

24 Hour VWAP

$10.65 K

24 Hour Change

$142.8758

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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