“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” Buffett told a group of reporters ahead of Berkshire Hathaway’s annual meeting at the CHI Health Center in Omaha, Nebraska.
“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” he added.
Buffett even compared the cryptocurrency to a button on his jacket.
“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use,” Buffett said.
Eulogy made by Warren Buffett