"Bitcoin is Speculation & Gambling" - Warren Buffett Critisize

[hatshepsut93]

Buffet only invests in assets that generate value. He hates speculative trading, and Bitcoin is the pinnacle of speculation. Buffet will never buy Bitcoin, because it's impossible to predict where it will go next. It can crash to $100 tomorrow just as easily as it can rise to $1,000,000. It's indeed close to gambling, but it's not gambling, because in gambling the odds are known, fixed and are stacked against the player. In Bitcoin no one has the slightest clue of what its value should be. Everyone is just projecting their feelings when they make price predictions.

[darkangel11]

Buffet only invests in assets that generate value. He hates speculative trading, and Bitcoin is the pinnacle of speculation. Buffet will never buy Bitcoin, because it's impossible to predict where it will go next. It can crash to $100 tomorrow just as easily as it can rise to $1,000,000.

It's technically impossible for bitcoin to crash to $100, or raise to 1 million in a day. I know Buffett might not know that, but members of this forum should.
I also thought bitcoiners see it as much more that speculation. When I buy bitcoin I buy the first ever decentralized commodity in the world. Owning it is much more than speculation, it's showing you're against the establishment. You become a sovereign citizen, able to take your wealth and move where it fits you, without being taxed on it.

It's indeed close to gambling, but it's not gambling, because in gambling the odds are known, fixed and are stacked against the player. In Bitcoin no one has the slightest clue of what its value should be. Everyone is just projecting their feelings when they make price predictions.

It's value is determined by a number of factors, like the cost of energy needed to mine it. Saying that it's similar to gambling is pure ignorance.
Not all of us make price predictions, not all of us care about the price, but pricing it at $100 is again ignorant.

[Dickiy]

According to Warren Buffett, Bitcoin is called a gambling coin because it does not have a fixed value. Warren Buffett cares more about paper money or fiat than Bitcoin, but one thing is very important that Warren Buffett cares about the dollar in this satirical/Critisized  interview.

Does the dollar have a fixed price?, I noticed that the value of the dollar is decreasing from time to time or from year to year, yes he really cares about the dollar but I think the old man will regret it if dedollarization really happens at his age or at the time he was alive, it's possible that if dedollarization did happen I think it would cause a depreciation of much more than what we feel today in the dollar.

How would you respond to Warren Buffett's anti-Bitcoin comments?

Who cares about that geezer LOL.
but I hope that with bitcoin critics such people can have a downward effect just this time, I feel that many of the previous key bitcoin prices missed and lagged at some bitcoin strong support prices.

[Findingnemo]

As said many times the usual stock market traditional investors can't accept the growth of bitcoin especially the ROI which is atleast 10 times higher so they realise that they missed the train and few managed to invest even later cause they understand in future the value will be too high compared to current value but few like Buffet stubborn to change his views no matter what but it's his choice and he doesn't understand the blockchain technology that's it.

[kryptqnick]

The value of fiat money isn't really decided by buyers and sellers. A country can set a strict regulated value of its currency for the national market, significantly disregarding the international value. And if a currency loses tons of value internationally, it can lose less value inside the country for products that aren't imported there. So the value of fiat is much trickier than the value of Bitcoin because fiat is tied to particular states and can be regulated (although sometimes not very successfully). What I do agree with is that it's nothing like gambling, trying a roulette wheel.
Also, if people could place a bet on a wheel and wait over and over with the same bet (without spending more money) until they win the bet, I'm sure many would do it. And that's what happens with Bitcoin: you can invest and just wait through the bearish times until you make profit.

[DeathAngel]

He hates bitcoin like all really rich, old boomer, bank & legacy finance guys do. People don’t like what they don’t understand. Let’s be honest, who cares what he thinks any way, he probably won’t be alive to see the next two halvings.

Warren Buffett has got extremely wealthy by doing things that he’s very good at, investing in stocks. He doesn’t need to learn about & master bitcoin, why would he. All old people hate new tech, it scares them & tgey don’t like learning new things.

Bitcoin is going mainstream & tgere’s nothing people like him can do about it.

[Gyfts]

...

Modern currency is just a proxy for military power + natural resources. USD/Yuan/Euro are the strongest currencies because each region controls the worlds resources and dominate the geopolitical sphere. Even Russia can have a strong currency solely backed by energy exports even though every other sector of the economy has receded post war.

Warren Buffet has made his money through the speculative stock market, so I find the irony palpable. If he considers Bitcoin to be gambling, then his fortune made via the stock market must follow the same principle because the stock market is a zero sum game.

[michellee]

Everyone can give their opinion about Bitcoin, including Warren Buffett. Buffett should also know that it's up to the people because if people still want to invest their money in Bitcoin, he can't do anything about it. After all, many people can still be responsible for investing in Bitcoin.

But if Buffett wants to learn a little about Bitcoin, I think his view on Bitcoin will change and he will invest his money in Bitcoin even though he previously said Bitcoin is a gambling coin. Let's hope it doesn't affect newbies who just joined Bitcoin.

[hZti]

Warren buffet was a well respected investor that had great ideas in the past. Now he is an old men that does not even own an smartphone. If you you consider that you can quickly understand why he can not understand Bitcoin. It is not his fault, it is simply that he is a case for the retirement home.

[Z390]

I would like to call him a fool but he isn't, at least when it comes to businesses, the issue that Warren has with Bitcoin is a lack of trust and understanding, this man knows nothing more than making money from companies and businesses, I don't blame him for hating Bitcoin, he even called Bitcoin a token, we all know that Bitcoin is not a token. People like him don't even believe in any technology, I doubt this man can do well on the computer or run any Node online that a young student can easily run today, this man is oldy, let's just accept that this is why he doesn't believe in Bitcoin.

[hZti]

I would like to call him a fool but he isn't, at least when it comes to businesses

That’s the whole point! Bitcoin is not a business and it is also a modern technology. Warren buffet is not a fool when it comes to businesses, but he certainly is when it comes to modern technologies.

[GigaBit]

Warren Buffett's hostility to Bitcoin is not new ‍and negative commentators on Bitcoin will never find its positive side. Bitcoin is highly volatile and many people have been able to fulfill their dreams through it and there are many who have made high returns in a very short of time. due to which he may called Bitcoin as a gambling token. But this fact is not acceptable to Warren Buffett. For this reason he advised to the authority to stop it's using form the way china stop it. But I took his comments more positively. I prefer tokens that have the power to change the wheel of fortune certainly that is my most wanted desire.

[franky1]

I would like to call him a fool but he isn't, at least when it comes to businesses

That’s the whole point! Bitcoin is not a business and it is also a modern technology. Warren buffet is not a fool when it comes to businesses, but he certainly is when it comes to modern technologies.

warren buffet does not invest in assets. he invests in businesses.

his strategy is if an asset plays good the business around the asset plays good too..
if the asset plays bad he dont care becasue he still owns parts of the business and he can sell the business parts off to make good.

his mindset has never been to invest in assets. he invests in businesses of assets as a step-back protection of his investment. to be one step away from risk. and thats how he has been successful

and yes he doesnt see bitcoin he only sees FTX where FTX would have been a bad investment, but FTX main fall was its own craptoken FTT not bitcoin. bitcoin did not cause the fall of FTX FTT did

[Baofeng]

Everything related to finance is speculative and gambling

Yeah, including stocks that Warren Buffett has it his portfolio, perhaps for him it's the risk involved that's why he compare it to gambling. And if it is gambling to us then majority of us are in the winning side, specially those long terms holders who knows when to sell at the right time.

The thing is that he don't want and doesn't want to understand Bitcoin, and with that his opinion is irrelevant because how can you comment on something that you don't even understand?

[TimeTeller]

Everything related to finance is speculative and gambling

Yeah, including stocks that Warren Buffett has it his portfolio, perhaps for him it's the risk involved that's why he compare it to gambling. And if it is gambling to us then majority of us are in the winning side, specially those long terms holders who knows when to sell at the right time.

The thing is that he don't want and doesn't want to understand Bitcoin, and with that his opinion is irrelevant because how can you comment on something that you don't even understand?

Some people are listening from what he said because of status in life.
But it is true, if you are not well-conversant with the technology, how can you give a valuable comment on the matter?
Stocks and other financial options have some sort of speculative aspect as for sure no one knows exactly what will happen to their holdings.
Just like with btc or crypto market in general, we are all speculating to where our coins will head to.
But high likely that he is talking about the risks involve and right now, btc is considerably a high risk investment.

[Ryu_Ar1]

When Warren Buffet speaks, believe me bitcoin is in good shape and he is being threatened again with it
His condition remains the same as always because he is anti bitcoin and there is nothing to comment on because it will not be very useful even if we reveal the data and the fact that bitcoin price is quite soaring in the last 2 months.

There is no need to do anything about his statement because no matter how hard we give a rebuttal in the end we are just like fools arguing with those who do not want to accept the argument.

[nakamura12]

Warren Buffett might be correct that Bitcoin is gambling since you are willing to risk your money when you hold your BTC to earn profit. Gambling is also taking risk for the result you desired the most. Anyway, if they spread comments like that then it's much better to ignore and let people decide if they want to be in CRYPTO or not (for those people who haven't been in crypto) and let the other decide if they want to stay in crypto or not. In short, don't force other people who doesn't want to or those who are not interested.

[Captain Corporate]

He is sort of right while being wrong. I mean let's face it, this dude is a 90+ year old guy who has made an insane amount of wealth, more wealth than his entire bloodline could ever spend unless they make a silly mistake and just crash it if they live a normal life, this is the amount of money that will not end until the end of time, that's how much he got rich from being an investor. So when he says something, he says it out of nowhere, he says what he truly believes and actually knows. Yes, it is true that Bitcoin doesn't have an instinct value, because it is not a business, he invested in companies so far, so when something doesn't have a base value that makes him disregard it, and we are the ones that give it any value at all. This could be very much against his belief, and I can understand that. I disagree, of course, I love it, but that doesn't mean I won't respect his opinion.

[taufik123]

Warren Buffett might be correct that Bitcoin is gambling since you are willing to risk your money when you hold your BTC to earn profit. Gambling is also taking risk for the result you desired the most. Anyway, if they spread comments like that then it's much better to ignore and let people decide if they want to be in CRYPTO or not (for those people who haven't been in crypto) and let the other decide if they want to stay in crypto or not. In short, don't force other people who doesn't want to or those who are not interested.

It all depends on each person's decision whether to get into crypto or not.
Gambling is more synonymous with guessing and luck, but in Bitcoin it is not entirely so.
Those who do not have the knowledge will indeed seem to only enter according to their feelings without any analysis.

Being a speculative asset may still be a bad view for some people, but in the current use of Bitcoin there have been real adoptions made even though some governments prohibit it.

-snip-
This could be very much against his belief, and I can understand that. I disagree, of course, I love it, but that doesn't mean I won't respect his opinion.

Before Bitcoin existed Warren Buffet was already a senior investor so it is no wonder that he continues to oppose Bitcoin because his belief in Bitcoin is different from the belief in the investments he makes in some of his companies.
Despite continued criticism by Warren Buffet, Bitcoin is still a digital asset that is in demand by modern society today, even growing.

and it is common that the risk of getting into Bitcoin or crypto is quite large due to high volatility.
As crypto users, we must also be aware of that.
Called speculation or as a gambling scheme it is the view of each person.

[Webetcoins]

I wouldn't even bother to respond or react to it, that's basically the best treatment for such statements from these fiat billionaires. They may think that such statements will make a difference and people might stop using Bitcoin and its value may decrease, but hey, we have come a long way from that already and that is not happening anymore.

One can clearly see that his remarks were not actually taken seriously by the general public and they had almost no effect on the price of Bitcoin or the crypto market in general. So, let them say whatever they want, them saying things negative or positive wouldn't really change things around anymore.