Warren Buffet: Bitcoin Is a ‘Delusion’ But Blockchain Is ‘Ingenious’


0

Billionaire investor Warren Buffett thinks blockchain technology “is important,” but remains far less bullish on bitcoin.

Speaking to CNBC’s Becky Quick, the chairman and CEO of the multinational conglomerate Berkshire Hathaway reiterated his long-held views on bitcoin, calling the way some people perceive the cryptocurrency “a delusion.”

“It’s ingenious and blockchain is important but bitcoin has no unique value at all,” Buffett said. “It doesn’t produce anything, you can stare at it all day and no little bitcoins come out or anything like that.”

Acknowledging that bitcoin and blockchain were explained to him by others, Buffett added:

“People get their hopes up that something like that is going to change their lives, and it’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create them as you go along and all that sort of thing but it doesn’t, the function … blockchain does not depend on [bitcoin].”

He did not elaborate on why he sees blockchain as being important.

Buffett did, however, note that JPMorgan Chase is launching its own dollar-pegged cryptocurrency, the JPM Coin. It is unclear how the so-called Sage of Omaha feels about this particular use case.

Like Buffett, JPMorgan CEO Jamie Dimon has long been a bitcoin detractor, famously calling it a “fraud” in 2017 (though he later said he regretted the comment, despite continued reservations).

‘Rat poison squared’

Buffett’s views on bitcoin are well-known: as far back as 2014, he was warning investors to avoid the cryptocurrency.

Last May, he referred to bitcoin as “rat poison squared,” noting that it was a “nonproductive asset” during the annual Berkshire shareholder meeting.

Bitcoin’s price is dependent on individuals wanting to pay more for each coin than was previously paid, he said.

Similarly, he predicted that bitcoin would come to “a bad ending” in January 2018, and emphasized that Berkshire would not hold a position in bitcoin futures.

Warren Buffett image via Krista Kennell / Shutterstock

Source : coindesk


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
coindesk

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format