Warren Buffett slams Bitcoin
Billionaire investor Warren Buffett has dubbed Bitcoin “rat poison,” despite admitting that he doesn’t understand how to use his iPhone.
The 87-year-old chairman and CEO of Berkshire Hathaway admits he’s “too much of a technophobe” to be able to use his smartphone.
Mr. Buffett made this startling confession shortly after slating the world’s hottest technological achievement since the Internet: Cryptocurrencies.
Warren Buffett left no doubt about his vast skepticism of Bitcoin and other digital assets.
Speaking to CNBC from Omaha on Monday, Buffett went on the offensive, with Bitcoin as his target.
During the three hour interview, He slammed the world’s largest cryptocurrency saying it doesn’t produce anything except for more buyers looking to make money by selling to new buyers.
Warren Buffet was joined for the discussion by Berkshire Vice Chairman Charlie Munger and Microsoft co-founder Bill Gates.
All three guests joined the anti-Bitcoin sentiment by also slamming cryptocurrencies.
During the discussion on CNBC’s “Squawk Box,” Munger describes Bitcoin as “worthless, artificial gold.”
Tech billionaire Gates joined the FUD by declaring that he would “short it if there was an easy way to do it.”
The world’s richest man describes Bitcoin and other cryptocurrencies as “kind of a pure ‘greater fool theory’ type of investment.”
The Microsoft co-founder, who is also on the board of Berkshire Hathaway, says he would love to bet against Bitcoin.
During an interview on CNBC’s “Squawk Box,” Bill Gates also confesses that someone gave him Bitcoin for his birthday, but he later sold it and kept the profits.
Speaking on Monday’s installment of the show, Gates said:
“As an asset class, you’re not producing anything, and so you shouldn’t expect it to go up.
“It’s kind of a pure ‘greater fool theory’ type of investment.
“I agree I would short it if there was an easy way to do it.”
When Warren Buffett was asked to shed more light on Berkshire’s decision to buy more shares in Apple, he revealed that he’s too technophobic to operate his own iPhone by himself.
Buffett, Munger, and Gates were speaking from Omaha during the events surrounding Saturday’s Berkshire annual meeting.