Billionaire Warren Buffett, a self-professed cryptocurrency skeptic, once again cracked Bitcoin this weekend and said it was nothing more than speculative gambling.
"You do not invest if you [buy cryptocurrency]. You speculate," Buffett said Yahoo Finance .
"There is nothing wrong with it: if you want to play, someone else comes and pays more money tomorrow." That's a kind of game, but that's not an investment. "
The CEO of Berkshire Hathaway said that Bitcoin has no real value because it is not a concrete product or service.
"If you have something like a farm, an apartment house, or an interest in a business … It's a perfectly satisfying investment," Buffett said. "If you buy something like Bitcoin or a cryptocurrency, you really do not have anything that produced anything, you just hope the next guy pays more." [1
"With regard to cryptocurrencies, I can almost say that they will come to a bad end," Buffett told CNBC (see video). "If it happens or something else, I do not know."
Buffett joins a growing chorus of cryptocurrency skeptics who are convinced that the digital currency ecosystem is a massive fraud and a passing trend.
Buffett repeated the feelings of four Nobel Prize winners who say the true price of Bitcoin should be zero, as Inquisitr reported.
"Does the world really need another speculative asset?" Asked Nobel laureate Angus Deaton. "The only benefit, as far as I can see, is that you can be a crook. It's no coincidence that people who demand ransom demand Bitcoin."
Winklevoss Twins and Jack Dorsey are Bitcoin Bulls
Meanwhile Bitcoin cops like Winklevoss twins Tyler and Cameron and Twitter billionaire Jack Dorsey remain steadfast in their belief that Bitcoin and cryptocurrencies will eventually oust all other currencies.
"The world will eventually have a single currency, the Internet will have a single currency," said Dorsey of the Times of London . "I personally believe that it will be Bitcoin."
The Winklevoss twins ward off crypto-skeptics and say they are suffering a colossal "failure of imagination" if they refuse krypton lightly.
Bitcoin Billionaire Changpeng Zhao, the founder of the cryptocurrency exchange Binance, agrees. He says digital currencies are here to stay, as the Inquisitr reported.
"I'm 100 percent convinced that crypto is the future," Zhao said. "I just know it's going to happen."
Cryptocurrency billionaire Changpeng Zhao catapulted into the stock market in just eight months. In less than a year, the founder of binance built his still-young Bitcoin exchange on the top platform for cryptocurrencies. #News https://t.co/y45sdctAG1
– INQUISITR (@theinquisitr) March 29, 2018