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Buffet Calls Bitcoin a ‘Gambling Device’

John Biggs
Warren Buffet told reporters at Berkshire Hathaway’s annual meeting in Omaha, Nebraska that he still couldn't support bitcoin.

Bitcoin got another bashing from the Sage of Omaha.

Warren Buffet told reporters at Berkshire Hathaway’s annual meeting in Omaha, Nebraska that he still couldn’t support bitcoin.

“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” he said.

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“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”

Buffet also pointed to a button on his jacket and said that he could call it a token and charge $1,000 for it, wrote CNBC.

“What I’ll have here is a little token…I’ll offer it to you for $1,000, and I’ll see if I can get the price up to $2,000 by the end of the day… But the button has one use and it’s a very limited use,” he said.

Buffet has previously stated that bitcoin is a “delusion” but that blockchain is ingenious. Last year he called it “rat poison squared” and said it was a nonproductive asset.

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When asked at this month’s meeting if he’d ever be involved in the technology, he replied: “I wouldn’t be the person to be a big leader in blockchain.”

Buffet image via Shutterstock.

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