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It's no secret that Warren Buffett – also known as Oracle of Omaha – is not a fan of Bitcoin and Crypto, as he has always been scathing critics of the nascent industry, saying frequently that the BTC is not an investment.
At the recent Berkshire Hathaway Annual Meeting of Shareholders at CHI Health Center in Omaha, Nebraska, Buffett was once again invited to share his thoughts on BTC, calling it a "shellfish" this time and claiming that he "does nothing".
Warren Buffett does not seem to understand bitcoin
Bitcoin and crypto are undoubtedly complex technologies that require a lot of research or a deep understanding of computer science. That being said, younger generations are naturally more inclined to accept it as a future, while older generations continue to ignore it as a speculative tool used by criminals.
In his speech to a group of journalists at the shareholders' meeting, he described the BTC as a "gambling device", citing market fraud as a reason why it should not be considered a product of the market. 39; investment.
"It's a gaming device … there have been a lot of frauds related to it. There have been disappearances, so there are many things lost. Bitcoin did not produce anything, "he said.
It's true that the cryptography market has gone through a lot of fraudulent activity, but it's just because it's a new digital frontier – similar to the Wild West – that lacks significant regulation, but that's is done quickly. changing.
Another interesting comparison used by Buffett to describe Bitcoin was that it was "like a shell".
"It does not matter. He just stays there. It's like a seashell or something, and it's not an investment for me, "he added.
BTC is like a "button on my jacket"
Even though a shell might be a pejorative way to describe Bitcoin, Buffett also compared BTC to a button on his jacket, which shows that he just does not understand the benefits of the technology, including its ability to facilitate fast global transactions, decentralized processes. the nature and the store of value it offers.
"I'm going to snatch a button here. What I'll get here is a small pledge … I'll give it to you for $ 1,000, and I'll see if I can get the price up to $ 2,000 by the end of the day … But the button has a use and this is a very limited use, "he said, noting that his knowledge of crypto is sorely lacking.
Whatever Buffett says, as more and more major companies, including Facebook, begin to penetrate the industry, cases of rapidly changing technology will become more important. clear and the opponents will be mistaken, hopefully.
Selected image of Shutterstock.
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