Warren Buffett, a renowned American investor who has long been skeptical of cryptocurrencies, has once again criticized Bitcoin, stating that it is nothing more than a gambling token without any inherent value. He made this comment during an interview on CNBC’s Squawk Box, where he referred to Bitcoin as a “gambling token.”
According to him, individuals are attracted to Bitcoin because of the possibility of earning money quickly. However, he cautions that this desire to become wealthy in a short time frame can lead to serious risks.
“Bitcoin is a gambling token, and it doesn’t have any intrinsic value. But that doesn’t stop people from wanting to play the roulette wheel.”
The statement made by him suggests that individuals tend to show interest in cryptocurrency due to their innate desire to make quick and easy money. This natural instinct has always been present in human beings.
The Oracle of Omaha, as he is known as one of the most successful and well-respected investors in the world, on the other hand, claimed he is not a believer in get-rich-quick scams.
“I’ve always wanted to get rich slowly and I have a lot of fun along the way.”
Buffett’s viewpoint differs from the recent market trends for Bitcoin and other cryptocurrencies, which have experienced a notable upswing. Specifically, Bitcoin has seen an increase of over 80% year-to-date and is currently trading above $30,000, with a 25% increase in the past month alone.
Kevin O’Leary, a prominent figure on Shark Tank, has recently shared that Bitcoin has been his most successful investment this year, followed by other altcoins like Polygon’s Matic.
This surge in the crypto market follows a crash of 65% in 2022, which was triggered by the failure of several high-profile crypto projects and hedge funds, including FTX, which was once the third-largest crypto exchange in the world.
