{"id":19777,"date":"2023-04-12T20:03:58","date_gmt":"2023-04-12T20:03:58","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/warren-buffett-likens-bitcoin-to-gambling-and-chain-letters-in-recent-interview-bitcoin-news\/"},"modified":"2023-04-12T20:03:58","modified_gmt":"2023-04-12T20:03:58","slug":"warren-buffett-likens-bitcoin-to-gambling-and-chain-letters-in-recent-interview-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/warren-buffett-likens-bitcoin-to-gambling-and-chain-letters-in-recent-interview-bitcoin-news\/","title":{"rendered":"Warren Buffett Likens Bitcoin to Gambling and Chain Letters in Recent Interview \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Finance mogul Warren Buffett, one of the most successful investors in history, discussed bitcoin during an interview on CNBC\u2019s Squawk Box on April 12. As he has done in previous interviews, the business magnate likened bitcoin to a gambling scheme and chain letters he received as a child.<\/strong><\/p>\n

Buffett Shares His Two Cents on Bitcoin, Warns Against Making a Living \u2018Trying to Bet Against the House\u2019<\/h2>\n

It is well known that Warren Buffett does not like bitcoin, and he once said<\/a> that he wouldn\u2019t buy all the bitcoin (BTC)<\/a> in the world for $25. Buffett is also known for saying that bitcoin is \u201cprobably rat poison squared,\u201d and during an April 12 interview on CNBC\u2019s Squawk Box, he reiterated his distaste for the leading cryptocurrency. During the interview<\/a>, he summarized bitcoin as a \u201cgambling token,\u201d and he insisted that the world has seen an \u201cexplosion of gambling.\u201d<\/p>\n

\"Warren<\/p>\n

The Oracle of Omaha told CNBC broadcasters that he likes to bet on football games because it \u201cmakes it more interesting.\u201d However, he also warned that he doesn\u2019t think he wants \u201cto make a living trying to bet against the house.\u201d Buffett hinted that stimulus checks may have also increased the gambling drive. \u201cYou had millions of people who were receiving checks and money, sitting at home and finding out that they could have a roulette wheel in their house,\u201d the investor said. When asked specifically about the leading crypto asset bitcoin (BTC)<\/a>, Buffett said<\/a>:<\/p>\n

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Bitcoin is a gambling token, and it doesn\u2019t have any intrinsic value \u2014 but that doesn\u2019t stop people from wanting to play the roulette wheel.<\/p>\n<\/blockquote>\n

In the midst of Buffett\u2019s gambling rhetoric, he also made a comparison to chain letters. Chain letters are messages that were commonly sent through snail mail, encouraging the recipient to forward the message to a certain number of people, promising that they would receive some sort of benefit in return. \u201cI didn\u2019t like chain letters when I was a kid,\u201d Buffett explained to the CNBC show hosts. \u201cI thought, \u2018Why in the world would I send along a chain letter \u2014 when I could start my own?’\u201d<\/p>\n

While the chairman and CEO of Berkshire Hathaway clearly doesn\u2019t like bitcoin, he is known for his aptitude for investing. Berkshire Hathaway owns several well-known businesses, such as Geico, Fruit of the Loom, Duracell, BNSF Railway, See\u2019s Candies, Clayton Homes, Pampered Chef, and Dairy Queen. According to the latest data<\/a> from companiesmarketcap.com, Berkshire Hathaway (BRK-B) is listed as the eighth-largest market capitalization in terms of assets in the world. Bitcoin (BTC<\/a>), on the other hand, is the tenth-largest market valuation worldwide according to the same website.<\/p>\n

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What do you think about Warren Buffett\u2019s stance on bitcoin and gambling? Do you agree or disagree with his perspective? Share your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, CNBC, <\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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