Warren Buffett Labels Bitcoin (BTC) a “Gambling Token”

Billionaire Warren Buffett says Bitcoin (BTC) is a gambling token that doesn't have any intrinsic value and is a delusion

Warren Buffett Labels Bitcoin (BTC) a "Gambling Token"
Warren Buffett Labels Bitcoin (BTC) a “Gambling Token”

One of the best-known investors in financial history has repeatedly spoken about a particular cryptocurrency. In his most recent criticism of the digital asset, Warren Buffett has called Bitcoin (BTC) a “gambling token.”

Buffett is one of the few names in finance that gets the kind of respect that he deserves. On the other hand, he has supported the most well-known cryptocurrency on the market for a long time. But his latest move doesn’t make sense, given how well the asset has been doing since the beginning of 2023.

Warren Buffett Calls Bitcoin (BTC) a Gambling Token

Warren Buffett called Bitcoin (BTC) a “gambling token” and questioned its overall value recently on CNBC’s Squawk Box. Also, the famous investor had doubts about the digital asset, and these latest comments are his most evident thoughts on its low value.

Buffett said, “Bitcoin is a token for gambling, and it has no real value.” But the investor said that didn’t stop people from wanting to play roulette: “But that doesn’t stop people from wanting to play the roulette wheel.”

In the past, Buffett has called the digital asset a “delusion” and said some other not-so-nice things about it. But his most recent comments are interesting because they come at a time when cryptocurrencies are doing so well. In particular, the most well-known digital asset is up more than 80% this year.

On the other hand, Warren Buffett bases his investment decisions on what he thinks is valuable. The famous investor believes digital assets like Bitcoin are based on speculation. So, he felt it was risky because of how often it went up and down.

Still, Buffett’s right-hand man, Charlie Munger, has said similar things about crypto. In an interview with the Australian Financial Review, Munger noted that investors should “never touch crypto.”