Per CNBC
Warren Buffett says there's a lot of gambling in the marketplace, adding that 'Bitcoin is a gambling token'
4/12/2023
In a recent CNBC interview with Warren Buffett, the Berkshire Hathaway CEO shared his thoughts on the market, saying it is now full of gambling. He also called Bitcoin a "gambling token."
Buffett argued that Bitcoin didn't have intrinsic value and that its properties resulted in investors playing a roulette wheel. The CEO shared how it was normal for humans to participate in what they thought was easy money.
Buffett: "The urge to participate in something that looks like easy money is a human instinct which was always there."
Per Coin Desk, Buffett gave previous comments about Bitcoin, and in 2018, he even referred to it as "probably rat poison squared." Charlie Munger, Berkshire's Vice Chairman, also previously shared his thoughts on Bitcoin, even calling for the US to copy China and impose a ban on the cryptocurrency.
Munger also previously likened Bitcoin to gambling, saying that the difference was that it had a nearly 100% edge for the house. The Vice Chairman of Berkshire Hathaway called for new federal laws to "prevent this from happening."
Munger: "It's a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,"
Charlie Munger has also called crypto, in general, "ridiculous," saying that it was "massively stupid" that people were buying crypto. He even called the people who opposed his ideas "idiots."
JPMorgan CEO Jamie Dimon also commented on Bitcoin, saying it was a hyped-up fraud. He also likened the cryptocurrency to a "pet rock."
Dimon: “How do you know it [Bitcoin] is going to stop at 21 million? Maybe it’s going to get to 21 million, and Satoshi’s picture is going to come up and laugh at you all.”
See flow at unusualwhales.com/flow.
Other News:
- Charlie Munger said: "Crypto is just ridiculous that anybody would buy this stuff... it's massively stupid."
- Bitcoin is a hyped-up fraud, it’s a pet rock: JP Morgan, JPM, CEO Jamie Dimon
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