Warren Buffett Calls Bitcoin a 'Gambling Token' (2024)

FAQs

Warren Buffett Calls Bitcoin a 'Gambling Token'? ›

A) chairman and CEO said bitcoin "doesn't have any intrinsic value ... but that doesn't stop people from wanting to play the roulette wheel." Commenting on gambling in general, Buffett said: "The urge to participate in something that looks like easy money is a human instinct which was always there."

Buffett's Take on Bitcoin

He described Bitcoin as “probably rat poison squared” back in 2018. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” Buffett said in 2018. And his stance hasn't wavered since.

Elon Musk said that he no longer thinks that much about cryptocurrency. “I don't spend a lot of time thinking about cryptocurrency — hardly any at all,” Musk said in an X space conversation with Ark Invest CEO Cathie Wood on Dec. 21, in response to Wood's question on bitcoin's potential impact on the financial system.

The top performing investment in 2023 for Berkshire Hathaway was a Brazilian fintech Nu Holdings Ltd.. The company owns Nubank, a neobank that offers credit cards and banking as well as crypto trading for users. It offers 15 different tokens, as well as its own utility token called Nucoin.

Buying cryptocurrency can be both an investment and a form of speculation or gambling, depending on how you approach it. When you invest in cryptocurrencies with a long-term strategy, based on research, analysis, and understanding of the technology and market trends, it's considered an investment.

Whether you're interested in crypto or not, you've probably heard of Dogecoin. This meme-based cryptocurrency — Elon Musk's favorite — is making headlines again.

So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.

Known Bitcoin reserves held by governments account for 2.7% of the total 21 million supply of bitcoins, with the largest being the US Government with over 210,000 bitcoins worth more than $13bn at the time of writing.

revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from . 25 BTC that a friend sent me many years ago," Musk confessed. Using today's bitcoin price of about $10,000 a coin, that translates to $2,500.

A reasonable assumption that Bitcoin could hypothetically reach the null state of it's value is worth the thought. Even-though such an event is very less likely to take place, there are some factors that could theoretically lead to Bitcoin price crashing to zero.

Does Bill Gates own any cryptocurrency? ›

Gates, now fourth-richest person in the world with a net worth of $125 billion, said during a Thursday Ask Me Anything exchange on Reddit that he doesn't own any digital currency.

Warren Buffett Doesn't Own Bitcoin, but His Company Is Betting $1 Billion on This Crypto Stock | The Motley Fool.

Scathing Take: Munger had labeled Bitcoin as “evil” for its potential to undermine the U.S. financial system, a foundation he deemed crucial for the economy.

Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for trusted third-party involvement (e.g., a mint or bank) in financial transactions.

The first wallet program, simply named Bitcoin, and sometimes referred to as the Satoshi client, was released in 2009 by Nakamoto as open-source software.

Bitcoin Pizza Day is celebrated annually on May 22 to commemorate the first real Bitcoin purchase transaction. On May 22, 2010, Laszlo Hanyecz, a programmer from Florida, bought two Papa John's pizzas for 10,000 BTC, which at the time was equivalent to about $30.