• Warren Buffett has issued a warning that there has been a boom of gambling in the financial markets and criticized bitcoin, stating that the cryptocurrency has no inherent value.
• Bitcoin’s (BTC) price has increased by more than 80% since the beginning of the year, yet Buffett still remains critical of it and calls it a “gambling token.”
• The Oracle of Omaha has previously described Bitcoin as “rat poison squared” and declared it to be a “mirage” that attracts charlatans.
Warren Buffett’s Warning On Financial Gambling
Warren Buffett, one of the most successful investors in the world known as the “Oracle of Omaha,” recently issued a warning about the boom of gambling in the financial markets. He threw a jab at bitcoin, stating that the cryptocurrency has no inherent value.
Bitcoin Price Increase Despite Criticism
Despite this criticism, Bitcoin’s (BTC) price has increased by more than 80% since the beginning of 2021. This makes it one of the best performing assets this year despite its detractors like Buffett who refer to it as a “gambling token.”
Previous Critiques Of Bitcoin
The big boss at Berkshire Hathaway has previously referred to Bitcoin as “rat poison squared” and declared that it is a “mirage” that attracts charlatans. Additionally, he cautioned investors to steer clear of crypto assets, describing them as delusive investments with dramatic price swings and without any fundamental value.
Recent Gains Across Crypto Markets
Recent weeks have seen significant gains across crypto markets with Messari reporting respective gains for Bitcoin and Ethereum at 61% & 35%, although they are still approximately 56% & 36% behind their all-time highs which were reached in November 2021. On Tuesday, BTC went beyond $30,000 for the first time since June earlier this year.
Conclusion
In conclusion, Warren Buffet remains critical towards cryptocurrencies like Bitcoin due to his belief that such digital assets lack inherent value and should not be considered an investment opportunity but instead treated like gambling tokens due to their volatile nature when it comes to prices swings. Despite this reasoning from Buffet however, recent weeks have seen large gains across crypto markets proving otherwise for those who choose to take advantage of them as investment opportunities instead
