Warren Buffet Says Buying Bitcoin is Gambling, Not Investing

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Investment guru Warren Buffet remains unsold on bitcoin and crptocurrencies. He doesn’t even consider buying bitcoin as investing and compares it to gambling.

Interviewed during Berkshire Hathaway’s annual shareholder meeting, Buffet explained his ongoing skepticism about bitcoin in an interview with Yahoo Finance.

“There’s two kinds of items that people buy and think they’re investing,” he said. “One really is investing and the other isn’t.” Bitcoin, he says, isn’t.

Why Buying Bitcoin Isn’t Really Investing

“If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment,” he said. “You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything….