The CEO of Berkshire Hathaway and one of the most prominent investors of the twenty-first century, Warren Buffett, compared bitcoin and other cryptocurrencies to gambling in an interview with CNBC’s “Squawk Box.”
Warren Buffett said;
I didn’t like chain letters when I was a kid. I thought, why in the world should I send along a chain letter?I’ve seen people do stupid things all my life. And I really, I empathize with that. I mean, people like to play the lottery. … People love the idea that they’re going to make more money tomorrow.
CNBC’s Andrew Ross Sorkin asked him when, exactly, bitcoin would become “not a thing” considering the fact that it has existed for 15 years, and was above $30,000 on Tuesday, its highest since June 2022.
But Buffett compared crypto to witnessing people gambling when he was on his honeymoon in the 1950s in Las Vegas.
He further noted;
I looked at all these people, who had flown thousands of miles to do something that [was] unintelligent as fast as they could,” said Buffett. “They thought the dice were hot or something like that. And I thought, I’m going to get rich in this country, I mean, if that’s what people do. I can be smarter than that.
It really drives them crazy if their next-door neighbor is making more money not knowing what they’re doing, and they’re just sitting there and their spouse is saying, ‘Why is that guy getting a second car, and why are we missing this whole thing? The gambling instinct is so strong.