“[Bitcoin] itself is creating nothing. When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”
Buffet has something of a history of knocking the cryptocurrency.
Last week, the so-called “Oracle of Omaha” argued that investing in bitcoin is a gamble, not an investment.
“If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing,” he said at the time.
In January, he warned investors that bitcoin and other cryptocurrencies would “almost certainly” come to a “bad ending.”
And, last October, he stated that bitcoin market is a bubble, adding, “You can’t value bitcoin because it’s not a value-producing asset.”
At Saturday’s shareholder meeting, Berkshire Hathaway’s vice chairman Charlie Munger also chimed in on the technology, calling cryptocurrency trading “just dementia.”