{"id":11452,"date":"2023-04-12T20:49:45","date_gmt":"2023-04-12T20:49:45","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=11452"},"modified":"2023-04-12T20:49:46","modified_gmt":"2023-04-12T20:49:46","slug":"bitcoin-is-a-gambling-token-and-it-doesnt-have-any-intrinsic-value-warren-buffett","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11452","title":{"rendered":"\u2018Bitcoin is a gambling token, and it doesn\u2019t have any intrinsic value\u2019 \u2014 Warren Buffett"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Warren Buffett once again took up his familiar role as conductor of the FUD train in yet another anti-cryptocurrency interview with CNBC\u2019s Squawk Box on April 12.\u00a0<\/p>\n<p>\u201cWe\u2019ve had an explosion of gambling,\u201d the magnate told CNBC by way of describing the cryptocurrency market. He then added, \u201cI like to bet on a football game if I\u2019m sitting and watching \u2014 it makes it more interesting. But I don\u2019t think I want to make a living trying to bet against the house.\u201d<\/p>\n<p>This represents somewhat of a softening of Buffett\u2019s historical stance on Bitcoin (BTC) and cryptocurrency. Over the years, he\u2019s made a habit of down-talking crypto, with some of his most controversial quotes coming from previous CNBC interviews. <\/p>\n<p lang=\"en\" dir=\"ltr\">&#8220;People like to play the lottery,&#8221; says Warren Buffett on the crypto craze. &#8220;It&#8217;s appealing to the gambling instinct. We&#8217;ve had an explosion of gambling.&#8221; pic.twitter.com\/pjNEKdNgr1<\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) April 12, 2023<\/p>\n<p>In a 2014 Squawk Box interview, he told Quicken Loans founder Dan Gilbert that Bitcoin was \u201ca mirage\u201d and claimed that \u201cthe idea that it has some huge intrinsic value is just a joke.\u201d<\/p>\n<p>Buffett ventured speculation on Bitcoin\u2019s longevity in another 2014 CNBC interview, stating that he \u201cwould not be surprised if Bitcoin is not around in 10 or 20 years.\u201d At the time, he also said Bitcoin couldn\u2019t be considered a currency because it is \u201cinevitably based on the value of the dollar.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Buffett back bashing Bitcoin, claims it \u2018doesn\u2019t produce anything\u2019<\/em><\/strong><\/p>\n<p>What\u2019s perhaps Buffett\u2019s most famous quote on cryptocurrency came in a January 2018 interview when he doubled down on fellow Berkshire Hathaway vice chairman Charlie Munger\u2019s previous assertion that Bitcoin was \u201crat poison\u201d by saying that it was \u201cprobably rat poison squared.\u201d <\/p>\n<p>That brings us to his most recent CNBC interview, where Buffett\u2019s tone appears to have changed somewhat. <\/p>\n<p>When asked when Bitcoin will be \u201crevealed as not just rat poison squared [&#8230;] But when it will be unveiled as not a thing,\u201d Buffett shrugged off the question and instead compared the cryptocurrency to gambling: <\/p>\n<p>\u201cThat\u2019s predicting when speculation will end or when the gambling instinct will go away.\u201d <\/p>\n<p>The billionaire then shifted his response to a brief riff on snail mail chain letters, \u201cI didn\u2019t like chain letters when I was a kid. I thought, \u2018Why in the world would I send along a chain letter\u2026 when I could start my own?\u2019\u201d<\/p>\n<p>Buffett eventually came back around to his gambling analogy, claiming that Bitcoin users were essentially placing bets with their income: \u201cYou had millions of people that were getting checks and the money and sitting home and finding out that they could have a roulette wheel in their house.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">&#8220;#Bitcoin is a gambling token and it doesn&#8217;t have any intrinsic value. But that doesn&#8217;t stop people from wanting to play the roulette wheel,&#8221; says Warren Buffett on #crypto. pic.twitter.com\/6MQAiyrS5J<\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) April 12, 2023<\/p>\n<p>The billionaire\u2019s track record in business may be long and storied, but Buffett\u2019s own Berkshire Hathaway investment group hasn\u2019t been immune to losses related to the recent banking crisis. <\/p>\n<p>As Cointelegraph\u2019s Marcel Pechman wrote in March, \u201cBitcoin\u2019s price increased by 31.5% in the six months preceding March 17, while Berkshire\u2019s stock increased by 5.8%. So, for the time being, the so-called \u2018rat poison\u2019\u2026 is outpacing his own financial management firm.\u201d<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-is-a-gambling-token-and-it-doesn-t-have-any-intrinsic-value-warren-buffett\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Warren Buffett once again took up his familiar role as conductor of the FUD train in yet another anti-cryptocurrency interview with CNBC\u2019s Squawk Box on April 12.\u00a0 \u201cWe\u2019ve had an explosion of gambling,\u201d the magnate told CNBC by way of describing the cryptocurrency market. He then added, \u201cI like to bet on a football game [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11452"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11452\/revisions"}],"predecessor-version":[{"id":11454,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11452\/revisions\/11454"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11453"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}