April 17, 2023 - Billionaire investor Warren Buffet has once again attacked bitcoin and this time he did so by comparing the top crypto to a gambling token. In his latest attack, Buffet, who appeared on the CNBC show Squawk Box, also repeated his earlier assertions about bitcoin’s intrinsic value or thereof.
The latest remarks by Buffet on a recent interviesw on CNBC who appears to renew his attacks on the top crypto when it is on an upward trajectory, add to his growing list of terms or phrases he uses to dismiss bitcoin. Yet despite these negative comments, bitcoin has not “died” and this has prompted some to ask Buffet if he has, in fact, been wrong about bitcoin.
While the billionaire appeared to concede that the top crypto has been in existence much longer than he anticipated, he nonetheless shared his thoughts which may explain why people are still willing to invest or hold the asset even though this may not be a smart idea.
“I have seen people do stupid things in my life... But I empathize with them. I mean people like to play the lottery,” Buffet claimed.
The billionaire also lamented modern society’s strong “gambling instincts” which he said partly explains the “explosion of gambling” that the world has seen over the past few years.
Despite the celebrity investor’s latest as well as past outspoken remarks, bitcoin and other cryptocurrencies have not collapsed. Instead, they seem to have benefitted from the latest U.S. banking crisis. As shown by Coinmarketcap data, the value of bitcoin in USD dollar terms has gone up by more 40% than since Silicon Valley Bank’s abrupt collapse on March 10.
Some bitcoin proponents believe the Silicon Valley Bank’s collapse once again validates their longstanding argument against fiat currency and the role played by central banks in depreciating currencies.
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