In an interview with CNBC today, legendary investor and CEO of Berkshire Hathaway Warren Buffett said that "there has been a gambling boom in the market by investors" and that "Bitcoin is a gambling token".
Buffett has repeatedly expressed his doubts about Bitcoin in the past, calling it "rat poison" and saying he would never buy BTC. He also said that he does not see any value in BTC as it does not produce anything tangible or useful.
Buffett had this to say about BTC at the Berkshire Hathaway annual shareholders meeting in April 2021:
“I don't know if it will rise or fall in the next year or five or 10 years. But one thing I'm sure of is that it produced nothing. There is magic in it, and people attribute magic to many things.”
Despite his disdain for Bitcoin, Buffett has indirectly invested in BTC through his stake in Nubank, a Brazilian digital bank that provides crypto services to its clients. Buffett's Berkshire Hathaway company invested $500 million in Nubank in June 2021, acquiring a 2.3% stake in the company.
According to The Motley Fool, Buffett's stake in Nubank gives him exposure to around 0.002% of the total BTC supply, or 400 BTC. This figure is based on Nubank's reporting that it has 17,000 bitcoins as of August 2021.
Buffett also took delivery of his first BTC and several other cryptocurrencies during a dinner with five crypto advocates in February 2020. The meal was arranged by Justin Sun, founder of Tron and CEO of BitTorrent, and Sun paid $4.57 million to dine with Buffett as part of a charity auction.
*Not investment advice.
Buffet wants money to stay in property…rather than migrate to BIT…talking his book?…truth is BIT is a better long term investment and a inflation hedge.
BIT is digital GOLD!…get some!