- Bitcoin rose again after US inflation data on Wednesday.
- Warren Buffett reiterates that Bitcoin has no intrinsic value.
- BTC is currently up 80% since the beginning of the year.
Bitcoin is up 80% since the beginning of the year, but the “Oracle of Omaha” is still not convinced it is an investable asset.
Buffett reiterates his view on Bitcoin
Legendary investor Warren Buffett continues to see Bitcoin as “rat poison square”. He repeated today that spending money on them is more like gambling than investing.
Bitcoin is a symbol of gambling and has no intrinsic value, but that doesn’t stop people from wanting to play the roulette wheel.
Buffett is a vocal critic of cryptocurrency in general.
Interestingly, however, Berkshire Hathaway conglomerate increased its stake just a day earlier in Sumitomo Corp despite the Japanese trading company’s affiliation with Ripple.
Bitcoin rose after today’s US inflation data
Bitcoin is trading comfortably above the $30,000 level on Wednesday after an update from the US Bureau of Labor Statistics confirmed that inflation continued to fall in March.
Buffett agreed that there was no telling when the upside would run out. On CNBC’s Squawk Box, he said:
This is the prediction of when speculation will end, when the gambling instinct will wear off, and when more people will want to get out. If I was good at it, I would make a lot of money on different things.
Remember, the total supply of bitcoin is scheduled for April or May next year – an event that has historically opened up further upsides in BTC.