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Billionaire investor Warren Buffett believes that blockchain technology "is important," but remains far less optimistic about bitcoin.
Sending to CNBC's Becky Quick, Berkshire Hathaway's multinational conglomerate president and CEO has reiterated his long-standing views on bitcoin, calling the way some people perceive crypto-money "a lure".
"It's ingenious and blockchain is important, but bitcoin has no unique value," said Buffett. "It produces nothing, you can watch it all day and no little bitcoin comes out or something like that."
Recognizing that bitcoin and blockchain were explained to him by others, Buffett added:
"People are hoping that something like this is going to change their lives, and it's a very ingenious thing to find out how to have a limited stock and make it harder and more expensive to create them as you go along, and so on. but that's not the case, the blockchain function does not depend on [bitcoin]. "
He did not explain why he considered the blockchain important.
Buffett noted, however, that JPMorgan Chase is launching its own Dollar-Indexed Cryptocurrency, JPM Coin. It is unclear what the so-called wise of Omaha think of this particular use case.
Like Buffett, Jamie Dimon, CEO of JPMorgan, has long been a bitcoin detractor, calling it "fraudulent" in 2017 (although he then regretted the comment, despite persistent reservations).
'Rat Poison squared'
Buffett's point of view on bitcoin is well known: in 2014, he warned investors to avoid cryptocurrency.
Last May, he called Bitcoin a "failed poison", pointing out that it was a "non-performing asset" at Berkshire's annual shareholder meeting.
The price of Bitcoin depends on the number of people who want to pay more for each piece than before, he said.
Similarly, he predicted that bitcoin would end up "badly" in January 2018 and stressed that Berkshire would not hold a position in the bitcoin futures contract.
Image of Warren Buffett by Krista Kennell / Shutterstock
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