Billionaire Warren Buffett calls Bitcoin a “delusion”

Billionaire Warren Buffett calls Bitcoin a delusion

On Monday, February 25, in his interview with CNBC’s Becky Quick, billionaire investor, Warren Buffett, strongly criticised Bitcoin and said world’s most valuable cryptocurrency is a “delusion” that “attracts charlatans”.

Warren Buffett is well-known for his strong criticism when it comes to Bitcoin and other cryptocurrencies. When asked by the host of “Squawk Box”, Becky Quick, whether his position has changed on Bitcoin, billionaire said that Bitcoin has no unique value at all.

“Bitcoin is ingenious and blockchain is important, but Bitcoin has no unique value at all. It doesn’t produce anything.<..>It’s a delusion, basically,” Warren Buffett said to CNBC.

“I’m really sorry it happens because people get their hopes up that somenthing like that is going to change their lifes. It’s very ingenious thing to figure out how to have a limited supply and make it harder to create and make it more expensive as you go along,” the billionaire continued.

But the CEO of The Berkshire Hathaway noted that blockchain is important.

“Blockchain is not dependent on Bitcoin,” said Warren Buffett. To substantiate his claim, billionaire continued to talk about JP Morgan and the recently announced JPM Coin.