Buffet Degrades Bitcoin as nonproductive, thriving on Mystique

NEW YORK- Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterised as “rat poison squared,” thrive on the hope they’ll find other people who will pay more for it.

Buffet likened Bitcoin to the tulip mania in 17th century Netherlands, he added that the mystique-mystery behind the cryptocurrency has made it surged in its price.

In an interview with CNBC television, h said, “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, has described bitcoin as “worthless artificial gold.” He went even further to liken it to Oscar Wilde’s definition of fox hunting, calling it “the pursuit of the uneatable by the unspeakable.”

Buffet instead advised investors that it would be better to invest in US stocks, which will see them have better investment than 10- or 30-year US government bonds.

Buffett claimed that stock prices are high but the market is not currently in a bubble.

Buffet added that his company he founded Berkshire, will instead add cash and equivalents at $30 billion, instead of the $108.6 billion it was at the end of March, but good deals have not emerged.

Photo Credit- YouTube

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