Warren Buffett: Putting Up in Bitcoin Ain’t No Investing
May 3, 2018
One of the world’s wealthiest men Warren Buffett has come again to voice his critical views about Bitcoin. Just before the upcoming annual Berkshire Hathaway shareholder meeting to be held on Saturday, May 5, Buffett gave an interview to Yahoo! Finance and called cryptocurrencies purely speculative assets deprived of any security and a kind of a gamble no one knows how to play.
“If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more», said Buffett.
Buffett is one of the most widely known cryptocurrency opponents. He used to warn investors earlier against investing into the industry. For instance, when Bitcoin rate exceeded $19,000 in October last year he called the coin a true bubble while in January this year when BTC fell down to $6,900 he noted that general crypto-mania won’t do any good.