Investing legend Warren Buffett says that Bitcoin (BTC) and crypto assets are for gamblers who are looking to get lucky.
In a new interview on CNBCâs Squawk Box, the Berkshire Hathaway CEO says that the top crypto asset by market cap has no intrinsic value and that those investing in it are essentially gambling.
According to Buffett, traders are being pulled in by an urge to participate in something that they believed could make them easy money.
âI think everybody in the country spends all their time gambling, flipping coins against each otherâŚ
The urge to participate in something [that] looks like easy money, itâs a human instinct which has been unleashed, itâs always there.â
Buffet goes on to call the king crypto a âgambling tokenâ with no value that people canât seem to stay away from.
âItâs so human, and once unleashed, you canât put it back in the bottle. Something like Bitcoin, itâs a gambling token, it doesnât have any intrinsic value⌠but that doesnât stop people from wanting to play the roulette wheel.â
Last year, Buffet called out Bitcoin, saying that fiat currency is the only real form of money and that the thought of crypto assets being able to rival them is foolish.
He also said that if he were offered all the Bitcoin in the world for $25, he wouldnât buy it.
âIf you told me you owned all of the Bitcoin in the world and you offered it to me for $25, I wouldnât take it because what would I do with it? I have to sell it back to you one way or another⌠It isnât going to do anything.â
Don’t Miss a Beat â Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/phoelixDE
