• Warren Buffett said he does not know “how to turn back the clock” on Bitcoin
• He likened Bitcoin to gambling, saying it has no intrinsic value
• Buffett said he prefers to get rich slowly, as opposed to taking gambles
Warren Buffet Can’t Turn Back Time On Bitcoin
Warren Buffett, Chair of Berkshire Hathaway, recently spoke out about bitcoin and its current state in the financial market. He acknowledged that the lure of easy money is understandable and human, but warned that it’s a gamble with no intrinsic value.
Buffett Compares Bitcoin To Gambling
Buffett compared bitcoin’s appeal to that of gambling; he noted that losses are often downplayed while wins are exaggerated. He said he himself had gambled on football once and made $550, but preferred to make money slowly instead of taking risks. He previously called bitcoin rat poison squared in 2018 at a Berkshire Hathaway shareholders meeting and predicted its implosion in the crypto industry. Despite other skeptics softening or changing their view over time, Buffett continues to stick with his past opinions.
William Mougayer Explains Generational Block
William Mougayer, author of The Business Blockchain believes this is due to a generational block; suggesting Buffett can only see the speculative part rather than any technological use cases for cryptocurrency. On Tuesday bitcoin rose above $30K – posting a 10-month high – despite Buffet’s opinion.
Ray Dalio Softens Stance On Bitcoin
Ray Dalio has since softened his stance on bitcoin after initially warning against investing in it; he now greatly admires it for its potential as an asset class which could be used as a store hold of wealth similar to gold or other precious metals.
Conclusion: Get Rich Slow Instead Of Taking Gambles
In conclusion, although some like Ray Dalio have changed their tune on bitcoin, Warren Buffet remains firm in his belief that cryptocurrency has no intrinsic value and should be avoided at all costs if you want to get rich slowly instead of taking gambles with your money.