Benzinga – Renowned business magnate and investor Warren Buffett has once again shared his opinion on the world’s leading cryptocurrency, referring to Bitcoin (CRYPTO: BTC) as a “gambling token” in his latest critique of the digital asset.
Buffett is a highly respected name in the financial world, and his skepticism toward the apex cryptocurrency is well-known.
However, his recent comments may seem ill-timed given the asset’s strong performance since the beginning of 2023.
During a recent appearance on CNBC’s Squawk Box, Buffett labeled Bitcoin as a “gambling token” while questioning its overall worth.
The legendary investor has previously expressed doubts about the digital asset, and his latest remarks reinforce his negative view of its value.
Buffett explained, “Bitcoin is a gambling token, and it doesn’t have any intrinsic value.”
However, he conceded that this doesn’t stop individuals from wanting to try their luck “at the roulette wheel.”
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In the past, Buffett has referred to the digital asset as a “delusion” and made other unflattering assessments of Bitcoin.
Notably, his latest comments come at a time when the cryptocurrency has been performing exceptionally well, with the leading digital asset up more than 80% this year.
Buffett’s investment philosophy appears to be based on what he perceives as valuable.
It seems that the iconic investor views digital assets like Bitcoin as speculative, and their volatility contributes to his perception of them as an investment gamble.
Additionally, Charlie Munger, Buffett’s long-time business partner, has expressed similar views on cryptocurrencies.
In a past interview with the Australian Financial Review, Munger advised investors to “never touch crypto.”
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Photo: Fortune Live Media on flickr
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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