This Is What Warren Buffet Has To Say About Crypto And Blockchain

People interested in the investment market and the crypto space will be familiar with Warren Buffet’s name. Billionaire investor Warren Buffett is of the opinion that blockchain technology “is important,” but remains far less bullish on bitcoin. In an interview with CNBC’s Becky Quick, the chairman and CEO of the multinational conglomerate Berkshire Hathaway emphasized on his reiterated his long-held views on bitcoin, calling the general perception of the cryptocurrency “a delusion.” He said,

“It’s ingenious and blockchain is important but bitcoin has no unique value at all… It doesn’t produce anything, you can stare at it all day and no little bitcoins come out or anything like that.”

He also added,

“People get their hopes up that something like that is going to change their lives, and it’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create them as you go along and all that sort of thing but it doesn’t, the function … blockchain does not depend on [bitcoin].”

Though he did not go into why he sees blockchain as being important he did note the fact that JPMorgan Chase is launching its own dollar-pegged cryptocurrency, the JPM Coin. Since JPMorgan CEO Jamie Dimon like Buffet had been a bitcoin detractor, even going to the extent of calling it a “fraud” in 2017 (though he later said he regretted the comment, despite continued reservations) it seems that only time will tell how well Buffet takes this development.

Buffet has never had favorable opinions about bitcoin and has made his skepticism known since as early as 2014. He started with warning investors to avoid the cryptocurrency and proceeded to call it “rat poison squared,” last May, noting that it was a “nonproductive asset” during the annual Berkshire shareholder meeting. He has also predicted that Bitcoin will come to a bad ending and has also reiterated the fact that Berkshire will never hold a position in bitcoin futures.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.