Warren Buffet wants you to know something – Warren Buffett really hates Bitcoin. Did you know that? He wants you to know that. Again. And again.
Buffet also said that he is sympathetic to those who bought Bitcoin in the hopes that it would change their lives.
Bitcoin has lost more than 80% of its value since reaching a high near $20,000 at the end of 2017.
“It attracts charlatans,” Buffett said. “If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
Buffet has long been a staunch critic of the cryptocurrency, calling Bitcoin “probably Ray poison squared” in 2018 right before the Berkshire Hathaway annual shareholder meeting. Buffet has used other descriptive words and phrases to describe bitcoin, such as “mirage”, “not a currency”, and “tulips”.
Buffet has in the past, and did so again, point out the potential of Bitcoin’s “important” underlying technology, blockchain, but stressed that blockchain’s success does not depend on cryptocurrency. Buffet is not alone in his skepticism – he’s joined by Bill Gates, Nouriel Roubini, and Robert Shiller.
Another famous bitcoin skeptic, Jamie Dimon, the CEO of J.P Morgan, has hit bitcoin hard in the past. Yet earlier this month, JP Morgan became the first major US bank to launch its own cryptocurrency for cross-border remittance.
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