During an interview with CNBC’s Becky Quick, Buffett doubled down on his anti-crypto position, saying “Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.”
“It attracts charlatans,” Buffett added, although he’s sympathetic for investors who bought the top in hopes of a life-changing investment. “If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
Buffett has used charged language in the past to describe the largest cryptocurrency, calling Bitcoin “rat poison squared” while also referring to it as a mirage and akin to tulip mania.
Bitcoin itself has had a volatile past few days of trading. On Saturday, BTC jumped more than 8% to a 2019 high over $4,125 before promptly falling back to $3,800 on Sunday. Now, despite not receiving the Oracle of Omaha’s blessing, Bitcoin is quietly gaining momentum and is up 0.6% on the day to $3,867.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.