One of the most well-known investors in financial history has once again voiced his feelings about certain cryptocurrencies. Warren Buffett, in particular, has called Bitcoin (BTC) a “gambling token” in his recent critique of the digital asset.
There are few names in the financial sector who show Buffett the respect Buffett deserves. Conversely, it has long been a tractor of the most prominent cryptocurrency on the market. However, its latest shot seems misguided given how well the asset has performed since early 2023.
JUST IN: Billionaire Warren Buffett says #Bitcoin is a gambling token and has no intrinsic value.
— Watcher.Guru (@WatcherGuru) April 12, 2023
Buffet is clearly shooting at bitcoin
In a recent appearance on CNBC’s Squawk Box, Warren Buffett called Bitcoin (BTC) a “gambling token” as he questioned its overall value. Additionally, the legendary investor had previously questioned the digital asset, with these recent statements being his clearest thoughts on its negative value.
Buffett stated “Bitcoin is a gambling token and has no intrinsic value.” However, the investor noted that this didn’t deter investors, stating, “But that doesn’t stop people from wanting to play the roulette wheel.”
Source: Forbes
Previously, Buffett called the digital asset a “craze” amid some rather unsavory criticisms. However, his latest comments are interesting considering they come at a time when crypto is doing incredibly well. In particular, the most prominent digital asset is up more than 80% so far this year.
Alternatively, Buffett’s investment perspective seems rooted in what he believes is valuable. In fact, it looks like the legendary investor sees digital assets like bitcoin as speculative in nature. Therefore, he observed its volatility as the basis for his perception as an investment game.
Still, Buffett’s right-hand man, Charlie Munger, has expressed similar sentiments regarding crypto. Earlier, Munger argued in an interview with the Australian Financial Review that investors should never touch crypto.
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