Warren Buffett called the bitcoin tool for gambling

The famous Bitcoin critic, Berkshire Hathaway CEO Warren Buffett not only did not change his attitude to the first cryptocurrency, but also picked up new phrases to describe his pessimism. So, in an interview with Fox Business , the billionaire called Bitcoin a tool for gambling, which does not produce anything useful.

“Bitcoin does not produce anything. He does not talk to you, he does nothing. It’s like some kind of seashell, for me it’s not an investment, ”said Buffett.

He is also convinced that Bitcoin has a very limited use, which, moreover, is associated with fraudulent schemes.

“Look, here I am tearing off a button, and we use it as a small token. I offer it to you for $ 1000 and I hope that at the end of the day it will grow to $ 2000. People, of course, will create them [such tokens] in huge quantities. This is a tool for gambling, a lot of fraud is connected with it, and people have lost a lot of money, ”added the 88-year-old billionaire.

At the same time, Buffett joined the ranks of those who believe that the blockchain technology itself has great potential and does not necessarily need Bitcoin.

As an example, he cited JPMorgan Corporation, which earlier this year launched its own JPM Coin, for use in international corporate payments, transfer of securities and to replace the dollars that are in the bank’s vault.

We add that this is not the first time that Buffett criticizes Bitcoin. In particular, the billionaire earlier predicted the collapse of the cryptocurrency industry, and also called the cryptocurrency "a real bubble."

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