After series of naysaying statements on Bitcoin and the entire crypto industry, the CEO of Berkshire Hathaway, Warren Buffet, has once been given the opportunity to share his thought on BTC and the entire blockchain industry.
The recent Berkshire Hathaway’s yearly meeting which hosted a number of stakeholders at the CHI Health Center in Omaha saw Buffett’s dislike for Bitcoin escalated.
However, the perception of the renowned CEO who doubles as the Oracle of Omaha seems to be a bit different this time.
Even though he’s yet to withdraw his stance on Bitcoin, Buffett, when asked about the possibility of his involvement with blockchain technology, said “We are probably doing it indirectly, but no, I wouldn’t be the person to be a big leader in blockchain.”
The American business magnate added more eulogy for blockchain by saying Bitcoin was built on a very robust technology.
“Blockchain…is very big, but it didn’t need bitcoin. J.P. Morgan of course came out with their own cryptocurrency,” Buffett averred.
The Other Side Of The Story Goes To Bitcoin (BTC) Alone
While being steadfast on the fact that Bitcoin is a role player in fraudulent acts, Buffett said the cryptocurrency is impoverished and should not be regarded as a means of investment.
“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything, Buffett continued. “It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”
Buffett Likened Bitcoin (BTC) To The Button On His Jacket
In a more disapproving manner, the business tycoon compared Bitcoin to a button on his sleeve not minding the good names the digital currency attracts with its speed and decentralized nature.
“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use,” he said.
Previously on his chain of dismay, Buffett flagged Bitcoin as a rat poison squared.
— Becky Quick (@BeckyQuick) May 5, 2018