Warren Buffett has been having a few more words to say about Bitcoin…
Legendary investor Warren Buffett has doubled down on his criticism of cryptocurrencies in a new interview with Yahoo! Finance.
Buffett, who previously called Bitcoin a “mirage”, has been a long-time critic of crypto, arguing in an interview earlier this year too that “they will come to a bad ending”. In his latest interview, he’s now argued that “buying Bitcoin is not investing”.
“There’s two kinds of items that people buy and think they’re investing”, he argued. “One really is investing and the other isn’t”.
You can probably guess where he feels the likes of Bitcoin falls.
“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”.
“Now, 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”, he said.
He added that he believes that putting money into cryptocurrency is speculating rather than investing, and that whilst he has no problem with that, it seems pretty clear that he isn’t a fan. He had previously ruled out, again unsurprisingly given his words, taken a short position on Bitcoin futures.