Warren Buffett Says Bitcoin Doesn’t Do Anything, It’s A Gambling Device

Warren Buffett, the Berkshire Hathaway CEO, says that Bitcoin is nothing more than a gambling device and that it cannot do anything. The latest cryptocurrency news is all about one of the richest men in the world since he described the number one cryptocurrency as a fraud.

The Berkshire Hathaway chief made clear:

‘’It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me. It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.’’

The characterization of Bitcoin by the Berkshire Hathaway chief as a fraud-filled invention is not something that is new to the crypto community. He has already commented multiple times on the largest cryptocurrency but he is the one who also has plenty of indictments against Wells Fargo which is a bank under his company.

The Wells Fargo bank was indicted a stunning 93 times and was fined for more than $14 billion. Some of the crimes that the bank is accused of include account forgeries, illegal charges, and insurance fraud. Warren Buffett and his Berkshire Company have 10% of Wells Fargo so many call him a hypocrite for criticizing bitcoin.
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Almost every agency or jurisdiction that released reports on the financial crimes related with Wells Fargo shows that cryptocurrencies are not a real contributor to the crimes. For example, in Japan, the National Police Agency reported that out of 98 percent of the money laundering cases almost all of them didn’t involve cryptocurrency unlike Buffett’s shady businesses with his bank.

Warren Buffett has a long anti-bitcoin rhetoric history. He even called it a rat-poison once as described in the previous altcoin news. While his career may seem impressive, it seems that he doesn’t get very well with technology. However, he joined the ‘’blockchain not bitcoin’’ party because apparently blockchain is bigger than bitcoin and it doesn’t need it.

Warren Buffett says that he is looking to adopt blockchain technology but does not want to become an important player in the evolving industry. He believes that blockchain is the product the comes out of cryptographic processes during the bitcoin transactions but remains strong of being anti-tech, dismissing companies like Apple and Amazon.