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

[hireteac]

"Nobody wants to get rich slowly"


This is the answer Warren Buffett gave to Jeff Bezos when he asked him: if your style of investing is so simple why not everyone copying you?

Buffett likes it the hard way and he seems to be right so far.

[sunsilk]

It's true that many people like to get into the get rich quick schemes but he's definitely pointing and barking at the wrong tree. Well, let's just give him what he wants as he's already old and I also acknowledge him as an investment genius.

But it's never going to change that he'll say something good about bitcoin because he's a guy that's into traditional investments and there's nothing wrong with that.

However, he should stop talking nonsense about bitcoin.

[Crypt0Gore]

I think Warren is in between loving and hating Bitcoin, this man has never been hateful towards Bitcoin but he doubts if Bitcoin will work or not, to me he lacks the understanding of what Bitcoin is all about and I don't blame him.

This is a man that comes from a different era, he made all his money through Fiat before Bitcoin existed, so yes that's enough for him to doubt Bitcoin, he is old school and his way of thinking will be different.

You can't see people who aren't into Bitcoin investment and making money from Bitcoin talking about something else, Warren Buffet made his money from stock, properties, and companies investments, this is what he is definitely going to be talking about, for the rest of his life, nothing else will matter to him.

[crunck]

"Nobody wants to get rich slowly"


This is the answer Warren Buffett gave to Jeff Bezos when he asked him: if your style of investing is so simple why not everyone copying you?

Buffett likes it the hard way and he seems to be right so far.

Not really, his road to becoming a billionaire was too difficult, and it took him a lifetime to get there. But with the advent of bitcoin, his way of getting rich is no longer correct. Everyone can get rich quickly with bitcoin, and he doesn't like it. When they just need to invest in bitcoin to get rich easily while he has to work hard all his life. I think that's why he's always been against bitcoin.

[majeed]

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.

...

Okay, so Uncle Warren's a little peeved about Bitcoin, but honestly, he's got a point. Yeah, you can totally rake in some serious dough by trading in the cryptoverse, but let's not kid ourselves - cryptocurrencies aren't really worth anything. It's just a big guessing game, where people are betting on what some numbers on a screen might be worth in the future.

This isn't just a problem with Bitcoin either. Plenty of other digital currencies out there have no practical use whatsoever. That's why it's smarter to invest in old-school finance with futures and options trading. These financial instruments are linked to actual assets, which means their prices are rooted in the economic world. Instead of taking a risk on something that may be worth zilch, it's better to stick with traditional finance where the rules are clear and the danger is more manageable.

[Lucius]

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.

I have nothing against the OP even though we disagree on some things, but why even mention a man who has been saying the same thing for 10 years - especially if we know his position on Bitcoin? I'm sure his opinion won't change, and frankly it shouldn't matter to anyone who understands Bitcoin.

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

But that's not exactly news we'll see in the media, because the Oracle of Omaha is always portrayed as someone who only profits and never loses. On the other hand, let's just remember what the media wrote about Saylor and his company when the price of BTC was collapsing towards $15k.

I concluded that Bitcoin is always a problem for Buffett and others like him, not because he considers it "war poison" or "mirage", but because he knows very well that the money that usually ended up in his pockets now ends up somewhere else. It would have been much more correct for him to have been neutral on this issue, but he knows very well how much influence his words have and tries to use that to his advantage.

[Inwestour]

Uncle Warren is angry again.

I like Buffett, he is consistent in his views, and does not change them no matter what happens, but he is an old school person and it can be difficult for him to hire new technologies, although has to admit that his intuition and ability to analyze are very good. Perhaps I would even agree with him if bitcoin was a few years old and it all didn’t look so confident at the very beginning, but now with every year we see more and more skeptics fall silent and understand its true value. I really hope that Buffett can see a world in which bitcoin becomes a means of payment in every corner of the world.

[Fivestar4everMVP]

One thing I discover is that most old people, most especially the rich and influential ones, always feel threatened by new technological innovations, I also do not blame Warren buffet, he is yet to fully understand bitcoin, and for his age, he has nothing to lose if he doesn't buy a single bitcoin till he dies, he has made his money, more than enough money, So he possibly do not see any need why he should be investing in bitcoin, and since bitcoin is not important to him, he thinks the best thing to do is to fud it, we understand how the game works..

All the same, he's fuds and negative statements towards bitcoin have not stopped bitcoin from growing, it will not stop it from adoption when the time is right, the fact is that.. Every body must not like bitcoin before it gets adopted in to the financial system.

[Wind_FURY]

How long must the network keep running, how many more blocks must it produce, and how much more FIAT must Bitcoin absorb before the doubters are convinced that it's actually part of the evolution of money? HOW LONG?

[Lucius]

~snip~
I really hope that Buffett can see a world in which bitcoin becomes a means of payment in every corner of the world.

Why such hopes at all, do you need the positive opinion of a man whose whole life revolves around making a profit and who helped build a system in which the rich get richer and the poor remain without what little they have? Admiring a man just because he is rich is something that for me is total stupidity...

How long must the network keep running, how many more blocks must it produce, and how much more FIAT must Bitcoin absorb before the doubters are convinced that it's actually part of the evolution of money? HOW LONG?

Time is not a factor at all, because if WB were to be alive in 100 years, I believe he would think the same about Bitcoin as he does today. The problem is not how long Bitcoin has existed, but that "they" don't want some new "money" to replace the instrument that keeps people on a tight leash.

[Z-tight]

"Nobody wants to get rich slowly"
This is the answer Warren Buffett gave to Jeff Bezos when he asked him: if your style of investing is so simple why not everyone copying you?
Buffett likes it the hard way and he seems to be right so far.

However Warren Buffett chooses to get rich is his own business, and it does not make what he says correct, BTC is not a get rich quick scheme and that is why the percentage of the world that has adopted BTC is still a bit low, if BTC was a get rich quick scheme, the percentage of the global population that holds it would be much higher than what it is now. People know that if they are to adopt BTC, it is either because it is a censorship resistant currency that they would like to use, or they want to hold it for the long term for profit, but not for short term profit, or quick wealth or profit.

How long must the network keep running, how many more blocks must it produce, and how much more FIAT must Bitcoin absorb before the doubters are convinced that it's actually part of the evolution of money? HOW LONG?

Like Satoshi would say:

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

[bittraffic]

He's been saying all things about BTC since. During his time, he is very early in investing in some stocks but a decade ago, he missed his biggest opportunity in BTC not minding it. He had enjoyed so much of his wealth that he forgot to look at what was coming so right now he spends time bad-mouthing BTC. An old man who used to have influence but is now all gone in the new world.

[Ucy]

Well, it seems they are always envious, sad and grumpy when the market is bullish and ordinary people profiting from their hard earned investments.
Atleast Bitcoin is better than doling out free money to needy in the name of social welfare which is costing country like US alot of money probably in trillions of dollars. Why not teach people how to catch fish instead of giving them fish whenever they need it, which does encourage laziness.

And it's important to also note that BitCoin is hard money... It's not printed out of thin air like several countries do with their currencies. It's hard money earned via hardwork like you see around this forum and cryptospace people working hard to earn bitcoins. You hardly see people given Bitcoin for free. They work hard to earn it by solving problems for others in crypto community, via investment etc

And by the way, it's not very risky investment aka gambling. I have never heard of anyone losing all or most of their money permanently due to price fluctuations. It does not go down permanently, which the envious ones kind of wish it does. It goes up, down, then up...

In conclusion, Bitcoin is one of most revolutionary and useful technology in the world. Part of its most important purposes is to help humanity in times of uncertainty and during local/global crisis. That is the main reason it was built, and those who will benefit from it are mostly the common people who will likely be trapped, abandoned or left to die, or even encouraged/made to destroy each other for the "good" of the world or the system .

[Dr.Bitcoin_Strange]

People who believe in Bitcoin will take it seriously and support it, while those who don't will cause FUD. Warren's criticism for Bitcoin did not start today, but what has his criticism really done to it? Does it make Bitcoin less value?No! His critiques did not change the minds of people who have already invested in bitcoin. Even quite a number of people still want to invest in bitcoin but don't have the funds yet.

I am adamant to Warren Buffett's criticism about Bitcoin, while he believes in his stock investment, I also believe in my Bitcoin investment. After his criticism about Bitcoin, he has also said that more U.S. banks may fail, and that's what I think may also happen.

[Z-tight]

Part of its most important purposes is to help humanity in times of uncertainty and during local/global crisis. That is the main reason it was built, and those who will benefit from it are mostly the common people who will likely be trapped, abandoned or left to die, or even encouraged/made to destroy each other for the "good" of the world or the system .

BTC was not created as bulletproof in a time crisis, if there is a serious crisis nobody would worry about BTC in their wallets or the fiat in their bank, they would worry about saving their life first and being okay. If you are trapped somewhere or left to die, how does BTC come to your aid, you are exaggerating the purpose why BTC was created, which is to be a censorship resistant and permissionless currency that does not work the way fiat does, and therefore is a second choice option to it.

And it's important to also note that BitCoin is hard money... It's not printed out of thin air like several countries do with their currencies. It's hard money earned via hardwork like you see around this forum and cryptospace people working hard to earn bitcoins.

You are correct that BTC is not printed out of thin air, but it does not mean you have to work hard for it, you can buy it easily with your fiat currency or other cryptocurrencies, and you can earn it if you have a skill or you have a service you can give for it.

You hardly see people given Bitcoin for free.

People donate BTC to others, and they also give it out to help people. BTC is a currency and you don't just see people give out their fiat currencies to people just like that, there has to be a reason for it, that's the same way with BTC.

[thecodebear]

I love when people compare Bitcoin to gambling because its so stupid lol.


In gambling, the longer you play the more likely you are to lose money because the odds are always in favor of the house. Gambling is all about getting lucky quickly and getting out (or I guess the other strategy I guess is lose a lot but hope that you get lucky enough later on to win back everything you lost and then some).


While Bitcoin, of course, is the exact opposite. If you play short term you could lose or make money, as in any investment, because it can go down or up short term. But long term you always win with Bitcoin and the longer you go the more money you make.


In comparing Bitcoin to a roulette wheel, Buffett apparently thinks the more time you play the roulette wheel the more money you win lol.

It's sad when you have people who are considered financial geniuses in their own field of finance, continually publicly show off how narrow their abilities are when they repeatedly make a fool of themselves in a different area of finance like Bitcoin.




Imagine if every time Buffett said something bad about Bitcoin, instead of saying it he said nothing and decided to invest $10 million into Bitcoin. He'd have made lots of money instead of making no money off Bitcoin and making himself sound foolish. It is continually amazing how after years of talking trash about Bitcoin, years of realizing he (and others like him) has missed out on massive gains in Bitcoin, instead of changing his behavior and doing a better job at, well his job since his job is to make money, he instead just keeps doing the same thing that doesn't improve his money making at all.

[darkangel11]

“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's 100% right. Bitcoin is easy money! Easy to use money that anyone can own, hold and use without being told what to do by banksters.
He's like that guy that wanted his own island so he swam and swam until he found one and is now sitting there all day making waves so that other swimmers can't reach his island.

I remember him saying that if someone offered him bitcoin for a few bucks he still wouldn't buy it, which is pure stupidity because why wouldn't you buy something you can sell for 100 times more in an instant? This is his attitude in a nutshell. He's a stubborn old donkey who thinks he has all the investment knowledge in the world and can't be wrong, but he's been wrong about bitcoin for many years now.

[serjent05]

Warren Buffet is stubborn in staying with his belief.  Bitcoin had been performing such feats for more than a decade now and still Warren Buffet can't move on and still stick to his own stand.  Well at least he is consistent, consistent with being shame by the Bitcoin market, lol.

I have long put Warren Buffet's beliefs and statements about Bitcoin on ignore.  He just keeps on clinging to his failed belief about Bitcoin being a bubble. 

I love when people compare Bitcoin to gambling because its so stupid lol.

It's funny how I think you love stupid things  .  Well, about Warren Buffet saying BTC is a gambling token, there is some truth in it because Bitcoin is often used in the gambling industry together with fiat currency.

[bbc.reporter]

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.

I am sorry if this is annoying, however, it was news that I wanted to share to show the hypocrisy of a person that many people consider a role model. Read the argument about the news.

In some occasions he might be a good person but to open his mouth again when bitcoin has begun pumping is very head shaking. He is like a friend who tells his other friends not to do something because he does not want to do it.

[TravelMug]

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.

I am sorry if this is annoying, however, it was news that I wanted to share to show the hypocrisy of a person that many people consider a role model. Read the argument about the news.

In some occasions he might be a good person but to open his mouth again when bitcoin has begun pumping is very head shaking. He is like a friend who tells his other friends not to do something because he does not want to do it.

Not just Warren, but there are a lot of personalities that totally go against bitcoin. But when they open their mouth, the price suddenly go on the uptick. So yeah, we understand where he is coming from because he is as traditional as anyone, but the thing is, he should at least open his eyes and see that there is something good about bitcoin as far as investments goes.