Warren Buffett calls Bitcoin a "gaming device"

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Warren Buffett published another statement of his negative position with regard to Bitcoin, expressing his feelings with the usual buzzwords anti-BTC.

Warren Buffet says that Bitcoin "does nothing"

From time to time, the Oracle of Omaha drops a tedious diatribe directed on Bitcoin. This time, he described crypto-currency ranked at the top of the list as a simple bet dominated by fraud.

As quoted by CNBC, the head of Berkshire Hathaway said:

It does not matter. He just stays there. It's like a shell or something like that, and it's not an investment for me. 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.

Buffett's description of Bitcoin as a fraud-filled arena is particularly rich given the plethora of indictments against Wells Fargo, a bank that Berkshire Hathaway owns at nearly 10%.

In just under 20 years, the bank has been charged 93 times and fined more than $ 14 billion. And the crimes attributed to Wells Fargo, well, they include jewels such as falsification of accounts, insurance fraud and illegal charges, to name a few.

Every country that has published reports on financial crimes shows that cryptocurrencies as a whole contribute only a tiny fraction. In Japan, the National Police reported that 98.3% of money laundering cases in 2018 did not involve cryptocurrency.

Buffett has a history of anti-Bitcoin rhetoric, calling the rat-poison cryptocurrency squared. The irony in this reply is that it implies that banks are rats.

Blockchain promises better potential

While Buffett can boast of a busy investment career, the boss of Berkshire Hathaway has often missed the mark on technology. Thus, it is not surprising to see him join the bandwagon "blockchain not bitcoin".

According to Buffett, "the blockchain is great … it does not need Bitcoin."

The comment above is not surprising on the part of someone who initially fired companies like Amazon and Apple. In addition, Buffett repeats the incorrect statement that blockchain is the Bitcoin support system.

In simple terms, the blockchain is the waste of the cryptographic process used in Bitcoin transfer. "Technology" does not underpin Bitcoin anymore as exhaust gases do not support automobiles.

The lack of understanding aside, Buffett says he's looking to adopt the technology indirectly but does not plan to become a major player in the emerging landscape.

Should bitcoin enthusiasts be more concerned about what nocoiners like Buffet have to say? Let us know your thoughts in the comments below.

Images via Twitter @udiWertheimer

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