‘Bitcoin is a gambling token, and it doesn’t have any intrinsic value’ — Warren Buffett
The nonagenarian said there’s been an “explosion of gambling” while comparing Bitcoin to roulette, sports booking and chain letters.
Warren Buffett once again took up his familiar role as conductor of the FUD train in yet another anti-cryptocurrency interview with CNBC’s Squawk Box on April 12.
“We’ve had an explosion of gambling,” the magnate told CNBC by way of describing the cryptocurrency market. He then added, “I like to bet on a football game if I’m sitting and watching — it makes it more interesting. But I don’t think I want to make a living trying to bet against the house.”
This represents somewhat of a softening of Buffett’s historical stance on Bitcoin (BTC) and cryptocurrency. Over the years, he’s made a habit of down-talking crypto, with some of his most controversial quotes coming from previous CNBC interviews.
"People like to play the lottery," says Warren Buffett on the crypto craze. "It's appealing to the gambling instinct. We've had an explosion of gambling." pic.twitter.com/pjNEKdNgr1
— Squawk Box (@SquawkCNBC) April 12, 2023
In a 2014 Squawk Box interview, he told Quicken Loans founder Dan Gilbert that Bitcoin was “a mirage” and claimed that “the idea that it has some huge intrinsic value is just a joke.”
Buffett ventured speculation on Bitcoin’s longevity in another 2014 CNBC interview, stating that he “would not be surprised if Bitcoin is not around in 10 or 20 years.” At the time, he also said Bitcoin couldn’t be considered a currency because it is “inevitably based on the value of the dollar.”
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