NewsletterBreaking: Warren Buffett Says Bitcoin Is A Gambling Token
Crypto News: Billionaire investor Warren Buffett, who is known for his sharp criticism of Bitcoin and the crypto market, reiterated his views on the digital assets market. He made the comments on Wednesday even as Bitcoin price edged higher past the $30,000 mark and close to the 10 month high. Buffett called Bitcoin a ‘gambling token’ and that the top cryptocurrency doesn’t have any intrinsic value. He said people like play the lottery owing to the gambling instinct.
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The legendary investor made shocking comments last year, saying Bitcoin does not produce anything. He said he would not pay even $25 for all the Bitcoin in supply. Speaking at the Berkshire Hathaway Annual Shareholder meeting in May 2022, the billionaire came out heavily in criticism of the top cryptocurrency. Although Bitcoin lost significant value due to the Terra network collapse at the time, the cryptocurrency is on path to recovery so far at the $30,000 mark.
“Bitcoin Is Gambling Token”
In a latest, Buffett repeated is stance on the future of crypto market. Speaking to the CNBC on Wednesday, he said people won’t stop gambling despite there is no value creation, comparing it with Bitcoin. He added that people find it appealing with the gambling instinct. We have had an explosion of gambling, he commented.
“Bitcoin is a gambling token and it doesn’t have any intrinsic value. But that doesn’t stop people from wanting to play the roulette wheel.”
Meanwhile, the crypto community is looking forward to further jump in Bitcoin price in the lead up the Bitcoin halving, scheduled for around an year later. This is because the halving of block rewards is historically associated with huge jump in the BTC price. The Bitcoin halving at block #840,000 is estimated to happen around 28 April, 2024.
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