Billionaire Buffett Bashes Bitcoin
CBJ — The entire bitcoin cryptocurrency craze has certainly sparked a lot of interest and uncertainty with the general public. However, it still remains a great unknown for the vast majority of people who still can’t determine whether it will be the next big thing, or just another massive flame-out. But one thing is certain; you can put U.S. billionaire investor Warren Buffett among those who feel it’s nothing short of a scam. In fact, the founder of Berkshire Hathaway has characterized bitcoin as “rat poison squared,” saying that those who own it are hoping they will find other people to pay more for it, entirely based on speculation.
Buffett spoke about bitcoin during a recent appearance on CNBC. “It does create a rising price, creates more buyers … If you don’t understand it, you get much more excited. People like to speculate, they like to gamble.”
Charlie Munger, Buffett’s longtime business partner and a Berkshire vice chairman feels much the same way, describing bitcoin as “worthless artificial gold.”
Buffett said investors would instead be much better off investing in U.S. stocks, which in turn are also a far better investment than 10- or 30-year U.S. government bonds.