Warren Buffett bashes Bitcoin: it is "not a currency"

Last updated on March 17th, 2015 at 04:46 pm

The legendary Warren Buffett has something to say about Bitcoin, but his words are far from positive. According to the American entrepreneur and finance tycoon, the world’s most famous digital coin is “not a currency”.

Buffett doesn’t believe Bitcoin fulfils the criteria of traditional currencies, including being a store of value.

The 83-year-old investor and CEO of Berkshire Hathaway revealed his opinion during an interview on CNBC and added that he wouldn’t be surprised if Bitcoin is not around in the next 10 to 20 years.

According to the entrepreneur, the price of Bitcoin will always be inevitably based on the value of the dollar, which means that it is definitely not a currency.

During his interview, Buffett also referred the situation in Ukraine, claiming that the world markets are overreacting to Russia’s decision to deploy troops to the Crimea.

Featured image from Wikimedia

Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.
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