Warren Buffett Blasts Bitcoin as 'Gambling Token' as BTC Surges 35% in 30 Days

[bbc.reporter]

Uncle Warren is angry again.

What would be the difference between trading in tradfi and trading in the cryptospace? Nothing except in the cryptospace, small minnows similar to you and me can trade using smaller position sizes and still profit handsomely because the volatility is much higher. On the argument of gambling, I reckon tradfi with futures and options trading is the biggest casino in the world.



Billionaire investor Warren Buffett doubled down on his Bitcoin criticism today, once again suggesting that the asset is nothing more than a get-rich-quick scheme.

In a Wednesday interview with CNBC, the Berkshire Hathaway boss said he didn’t blame people for wanting to get involved in what looks like “easy money.”

And today he continued his critique. “Something like Bitcoin, it’s a gambling token,” he said on CNBC’s Squawk Box. “The urge to participate in something where it looks like easy money is a human instinct which has been unleashed and has always been there.”

He continued: “It’s so human. People love the idea of getting rich quick—I don’t blame them,” before adding that Bitcoin doesn’t have any value but people still want to “play the roulette wheel” by investing in it.

Read in full https://decrypt.co/126115/warren-buffett-bitcoin-gambling-token

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[avikz]

Lol! The best part is that the market didn't respond to his nonsense statement at all. It's still in the green zone. I remember a couple of years back when Jemie Dimon and this old uncle criticized Bitcoin in a TV interview, the market did respond negatively and the price fell by more than 20% in a single evening. That's not the case anymore so the crypto market is immune from such criticisms. Uncle can keep on saying whatever he wants or whatever makes him feel happy.

It's never a good thing for big corporates or governments when the power of money is available to the commoners like you and me. They often show their frustration and that's one of such cases.

[Helena Yu]

35% in 30 days is still realistic, there are many stock or gold the price increase higher than 35% in 30 days. If he consider Bitcoin as a gambling token because of such return, any investment should be said as a gambling token too.

Bitcoin price never drop to $0 so I don't consider Bitcoin as a gambling token. I can say an asset or commodities can be said as a gambling token if the price can drop to $0 or get delisted in every exchanges.

[Poker Player]

Uncle Warren is angry again.

No, he is not. I've seen him in an interview talking about it and he didn't seem angry at all, in fact he usually speaks quite affably. It doesn't change his mood for Bitcoin to go up and down in price.

I don't know why you give it so much importance. He is from another era and at this point in his life he is not going to change his mind. He became a billionaire in a fiat world buying companies that produce goods and services, he doesn't need bitcoin for anything. He missed most of the rise of tech and only very late bought Apple.

His are companies that produce goods and services by beating inflation, let's see if we understand, it's not just that he doesn't like Bitcoin.

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[CryptoBuds]

Honestly, I don't believe what billionaires or banks are saying about bitcoin. They are business people, traders always looking for profits anywhere, so their rejection of bitcoin is the most unbelievable thing. What they're doing is simply because they don't want to share their quick wealth with anyone, they don't want too many rich people like them. I always suspect, on the one hand, they always propagate negative about bitcoin, on the other hand, they silently accumulate bitcoin if their Fuds create panic among other investors.

[Lamkuthang]

I think Warren Buffett's criticism of Bitcoin as a get-rich-quick scheme is not unfounded and that the value of Bitcoin fluctuates greatly, causing sudden gains and losses. However, it is important to remember that Bitcoin is a relatively new asset class, and its value is determined by market demand.

In the trading world, there may not be a significant difference between traditional finance and the crypto space. The difference lies in the level of volatility, which is much higher in cryptocurrencies. This means that smaller traders can trade with smaller position sizes and still be profitable. Futures and options trading in traditional finance also has an element of gambling, making it similar to the crypto space in this respect.

[Latviand]

He's talking about bitcoin being a gambling token when it's literally a gamble to do traditional trading, I mean there's really no straightforward strategy when it comes to traditional trading too so I don't see any difference between those two except probably for the volatility of bitcoin which isn't that scary the more you get used to it, my conspiracy theory is that Warren is secretly beting against bitcoin so he's slamming it when things don't go his way.

[mindrust]

There are stocks go down or up that much in one day. Why isn't there a problem when a stock does that? Many people treat the stock markets like a casino too. To them, Warren is just a good gambler. The moral of the story here is, people shouldn't listen to this old boomer that much. He had his time, he made his fortune and now his days are over. He is what? 90+ years old? His expiration date is overdue.

[raumonds]

I understand what Warren's saying, but it's not all about get-rich-quick schemes. Some of us just believe in the technology and the potential it has for changing the world.

[ImThour]

Charlie Munger and Warren Buffett have been critical of Bitcoin in the past, with Munger once calling it "turds" and Buffett stating that it has no intrinsic value.

Only if uncle warren decided to invest half of his money when he first decided to talk shit about Bitcoin, would he have been the wealthiest person on this planet.
He and the Munger guy, are both strictly against Bitcoin and it makes sense because their stocks do not get any pump as money is divided in multiple markets however it was just the stock market previously.

Really happy that Microstrategy is back in profits with Bitcoin above $28k which is Saylor's buying average. He is the only reason I think why big funds started buying crypto.
One thing is also to note that Ethereum took the majority of shares of Bitcoin and if there wasn't a second crypto, Bitcoin today will be worth $41.8k per BTC

That would be above $100k at the ATH of bitcoin. Crazy shit isn't it.

[moneystery]

What do you expect from the silent generation? they tend to be skeptical and conservative when it comes to finances and investments. Therefore, it is not surprising that Warren Buffet often discredits Bitcoin and calls this a fraud.

But fortunately nowadays people are smarter and don't fall for such words, and therefore people ignore his words and think that it's like old man's nonsense.

[alexkut987]

It's true that trading in the traditional financial space (tradfi) and trading in the cryptocurrency space can be similar in many ways. However, one key difference is that in the crypto space, smaller investors like individuals can trade using smaller position sizes and potentially still make significant profits due to the higher volatility of cryptocurrencies.

Regarding the argument of gambling, it's worth noting that traditional financial instruments like futures and options trading also involve a degree of risk and speculation, and can be seen as a form of gambling in some respects.

Overall, while there are similarities and differences between trading in tradfi and trading in the cryptocurrency space, it's important for individuals to understand the risks and potential rewards of any investment or trading activity, and to make informed decisions based on their own financial goals and risk tolerance.

[davis196]

I kinda agree with Warren Buffet on this one. Many people have the false perception of Bitcoin as a magical investment tool, that will bring them easy money and will make them rich quick. The problem here is the people's perception of Bitcoin, not Bitcoin.
The big difference between tradfi and the cryptocurrency markets is that tradfi is way more regulated(which doesn't stop some scams to appear here and there and it doesn't stop the "too big to fail" banks to manipulate the prices sometimes).
I really doubt about Buffet knowing that there are actual gambling tokens(issued by crypto casinos) on the crypto market.

[slaman29]

"Small minnows like you and me" I don't think that's true though.

I've always been able to trade in forex and others, using even smaller balances with smaller fees. I mean, back in those days you even had small sized apps and very lite trading platforms. That's where I learnt all my trading, before I moved to crypto (and crypto actually made me give up).

Forex with 100x leverage is just as good as crypto, I don't see a difference.

[Rikafip]

Who the fuck cares what Warren Buffet has to say about Bitcoin anyway? And its not like he is saying this for the first time so that we should be surprised.

[Davidvictorson]

On this, I beg to differ with Warren Buffet. Personally, I believe he is denying bitcoin's potential as a store of value, an inflation hedge, and most importantly, its decentralized character. I also believe that he hasn't actually read anything about bitcoin, beginning with the Bitcoin White Paper. Because if he had, he would be aware that bitcoin enables quick and efficient transactions in a secure blockchain network without the need for any middlemen, and he would have actually included it as one of his asset holdings. He is utterly ignorant of bitcoin, as evidenced by everything he says about it.

[pooya87]

Uncle Warren is angry again.

Haha. He has been angry at bitcoin ever since bitcoin market capitalization overtook his company's market capitalization. But all kidding aside he has always been saying nonsense about bitcoin, my favorite is calling bitcoin "rat poison" which is incidentally the most accurate description of bitcoin anybody could give. Rat poison kills rats that are the corrupt ancients in the old and outdated financial system.

BTW his company has been having a hard time ever since April 2022 and has been in red almost entire last year (25% dumped). That's despite all the billions they pump into it

[aoluain]

Its funny isnt it, that the well known critics of Bitcoin crawl out of the woodwork as soon as
the Bitcoin market does something interesting.

I heard a quick 20 second report on the radio about Bitcoin hitting a 10 month high of
$30,000 in a "currencies and markets" slot but the reporter had to balance that news stating
how volatile it was and gave the example of the ATH of $69,000 crashing back to $16,000.

They always have to spin some negativity into their talknof Bitcoin.

Main thing is that the market is not as sensitive to that anymore.

[avp2306]

On this, I beg to differ with Warren Buffet. Personally, I believe he is denying bitcoin's potential as a store of value, an inflation hedge, and most importantly, its decentralized character. I also believe that he hasn't actually read anything about bitcoin, beginning with the Bitcoin White Paper. Because if he had, he would be aware that bitcoin enables quick and efficient transactions in a secure blockchain network without the need for any middlemen, and he would have actually included it as one of his asset holdings. He is utterly ignorant of bitcoin, as evidenced by everything he says about it.

He's a traditional investor so we cannot expect him to like bitcoin. He might think that this is so risky for him that's why he can't afford to participate on any investment related with bitcoin.

We know he is a well known risk taker famous investor but maybe he didn't find himself investing on this thing because he can't or nobody can control its volatility.

[gunhell16]

The study of trading here in cryptocurrency is not easy to understand, and the application of technical analysis is also not so easy to understand. It takes time, time, and dedication for you to do well as an individual trader in this industry.

I've been studying it for several years now because I still don't understand a lot of it, but despite what I'm doing, somehow I'm still experiencing profit weekly in trading.