>Warren Buffet Says Buying Bitcoin is Gambling, Not Investing
ccn.com
>Investment guru Warren Buffet remains unsold on bitcoin and crptocurrencies. He doesn’t even consider buying bitcoin as investing and compares it to gambling.
"“There’s two kinds of items that people buy and think they’re investing,” he said. “One really is investing and the other isn’t.” Bitcoin, he says, isn’t.
>“If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment,” he said. “You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or somebcryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”
>This, according to Buffet, is not investing, but speculating.
>There is nothing wrong with speculating, he said. But speculating, in his view, is like gambling. If you want to gamble, someone else might come along and pay more tomorrow. But this is gambling, not investing,
>A Longtime Bitcoin Skeptic
Several years ago, Buffet called cryptocurrency a “mirage,” arguing that it was a “joke” to assign a value to something just because it can be used to transmit money. "Are checks worth a whole lot"of money just because they can transmit money?,”
“In terms of cryptocurrencies, generally, I can almost say with certainty that they will come to a bad ending,” Buffet said. He went on to say he’d bet on “every one of the cryptocurrencies” falling over the next five years. “But, I would never short a dime’s worth,” he added.
