Warren Buffett, the Oracle of Omaha stated that he has no faith in bitcoin investment. He is a world-renowned investor and the head of Berkshire Hathaway. In an interview, he was asked about his views on cryptocurrency and more specifically about bitcoin, to which he answered-
“When you are investing into cryptocurrency, you aren’t aware of the fact that you really are not making an investment. You are just speculating, and there is nothing wrong with it. But only if you see, it is a complete gamble where someday someone else will come along and pay more than you. And, this is how the never-ending game goes on. So this is just not investing.”
Warren Buffett has been less critical than his longtime partner Charlie Munger, the Vice Chairman of Berkshire Hathaway. He once told an assembled audience of Los Angeles in mid-February that, “I have never considered even for a single second for having anything with bitcoin. I detested the cryptocurrency the minute it was raised, and my hatred for it goes on increasing with the pace it is getting popular. Imagine, how disgusting it is that people are believing in such a shit.”
According to Warren Buffett, there exist only two types of assets. One that people buy and think they’re investing, and the other that holds real value. He further added:
“If you invest something in like a farm, an apartment house, or an interest in a business, this is what call investment. Because you can do that on a private basis and besides it is a perfect satisfaction. But if you look for bitcoins as an investment means and expect it to deliver the return to you, mind if you are just hoping.”
So, the primary reason behind Buffett detesting Bitcoin, or cryptocurrency, in general, is that the “asset itself is creating nothing.” This has been an infamous factor driving the views of several industry veterans.