Bitcoin Critic Warren Buffett Slams Crypto Again, Calls It A ‘Gambling Token’
Warren Buffett, the CEO of Berkshire Hathaway, has described Bitcoin as a “gambling token” that lacks inherent value while warning of a boom in gambling across financial markets. The billionaire investor made his comments in an interview with CNBC, reiterating his previous description of Bitcoin as “rat poison squared” and a “delusion”. Buffett’s critique of digital currencies centres on the notion that investments should have some intrinsic value. His deputy, Charlie Munger, has also criticised Bitcoin but went further by calling for it to be outlawed. Despite their reservations, Bitcoin has had a strong start to the year, rising 80% in value since January, although it remains more than 50% below its all-time high. The asset currently has a market value of around $582bn, while Berkshire Hathaway’s ranks as the eighth biggest company in the world. CEO Jamie Dimon of JP Morgan Chase is among other influential figures to have denounced Bitcoin, labelling it a “hyped-up fraud”.
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