Warren Buffett is still not sold on Bitcoin and cryptocurrency and when he speaks investor around the world listen.
Yahoo Finance had an exclusive interview with Buffett in Omaha where he laid out his thinking on cryptocurrency investing.
Bitcoin he says isn’t investing and “There are two kinds of items that people buy and think they’re investing.”
“If you buy something like a farm, an apartment house, or an interest in a business. You can do that on a private basis and it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. But if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”
Buffett also says when an individual buys cryptocurrency, “You aren’t investing when you do that, but only speculating and there’s nothing wrong with it. But if you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game and that is not investing.”
American blue-chip corporation like IBM and many big banks have embraced blockchain and the decentralized ledger technology over which bitcoin is built on. Buffett isn’t sold on cryptocurrency and bitcoin