Comparison of Bitcoin and Seashells

News
13/05/2019

Warren Buffett compared cryptocurrencies with “gambling equipment”.

A billionaire Warren Buffett with a fortune of $ 90 billion in his comments on the eve of the annual meeting of Berkshire Hathaway compared cryptocurrencies with “gambling equipment”, which also has a “series of frauds and disappearances”. He said that Bitcoin was repeatedly used for nefarious purposes and attracted hackers, while such a “failure” in the US dollar was not observed. It should be noted that in the Bloomberg report on money laundering, published this year, Bitcoin was never mentioned, and its main “heroes” were just fiat money.

Buffett compared Bitcoin with seashells (they have historically been used as money), which "do nothing" and do not constitute a great investment. He explained that if a society endows an occasional asset with “some small price”, this does not mean that it is viable as an investment.

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