Must Read: Warren Buffet Thinks Bitcoin Is A DelusionKehinde LAWAL
According to an interview with CNBC published on Feb. 25. The Berkshire Hathaway CEO Warren Buffett defined Bitcoin (BTC) as a delusion and said that it attracts charlatans. A charlatan is a person that practice tricks or deception in order to obtain money, fame or other advantages from people.
Buffet has previously said that buying Bitcoin as an investment is a gamble, and when asked whether he had changed his mind concerning Bitcoin in the CNBC interview, Buffett answered saying that he did not, and pointed out that Bitcoin has no unique value at all, since “blockchain does not depend on Bitcoin” and it does not produce anything.
However, in October 2018, Berkshire Hathaway invested around $600 million in two fintech payment firms focused on emerging markets like Blockchain and cryptocurrencies.
Worthy of note is that a self-proclaimed disciple of both Buffett and Munger, Chamath Palihapitiya, believes that the two skeptics were wrong about the leading crypto, stating that “technology is not in [Buffet’s] circle of competence.”