Warren Buffett: Can’t Turn Back Clock on Bitcoin Gambling

• Warren Buffet said he does not know “how to turn back the clock” on Bitcoin.
• Buffett likened Bitcoin to roulette, saying the leading cryptocurrency is a gambling token with no intrinsic value.
• Buffett conceded that the lure of easy money and getting rich quickly is understandable and “so human.“

Warren Buffett’s Opinion on Bitcoin

Warren Buffet, Chair of Berkshire Hathaway, recently expressed his opinion on Bitcoin during an interview with CNBC. He likened interest in Bitcoin to the lure of easy money gambling, saying he does not know “how to turn back the clock” on it. He said that although he understands why people might be attracted by its promise of making money quickly, he prefers to get rich slowly.

Bitcoin Compared to Gambling

Buffett compared Bitcoin’s appeal to the temptation of gambling in a bid to strike it big, adding that in gambling, losses are often downplayed while wins are exaggerated. In 2018 at a Berkshire Hathaway shareholders meeting he famously called bitcoin „rat poison squared,“ predicting that its industry would implode.

Change in Skeptics‘ Viewpoints

Although some skeptics have softened or changed their view over time – such as Ray Dalio who now greatly admires bitcoin – Buffett clings firmly to his past opinions. William Mougayer – author of The Business Blockchain – attributes this generational block; positing that Buffett can only see the speculative part rather than any technological use cases for bitcoin.

Bitcoin Reaches New Highs

Despite opposition from people like Buffett and other skeptics, bitcoin rose above $30 000 on Tuesday – posting a 10 month high. This proves that despite criticism from certain quarters, there is still demand for cryptocurrencies like bitcoin in today’s markets.

Conclusion

From this article we can conclude that although Warren Buffett remains skeptical about bitcoin due to its supposed lack of intrinsic value and comparison with gambling tokens, it has nonetheless still risen above $30 000 USD in recent times despite criticism from certain quarters.. This serves as proof of demand for cryptocurrencies like bitcoin today