Warren Buffett Still Sees Bitcoin as ‚Gambling Token‘: Here’s Why
• Warren Buffett, the “Oracle of Omaha”, has reiterated his view on Bitcoin as a “gambling token” and that it doesn’t have any intrinsic value.
• Following the U.S. inflation data on Wednesday, BTC is up a whopping 80% since the start of the year, but Buffett still isn’t convinced of its investability.
• The total supply of Bitcoin is scheduled to halve in April or May next year, which could unlock more upside for BTC.
Warren Buffett Sees Bitcoin as a ‚Gambling Token‘
Legendary investor Warren Buffett continues to see bitcoin as “rat poison squared” and believes spending money on it is more akin to gambling than investment – despite its 80% surge since the start of 2021.
U.S Inflation Data Causes BTC Price Surge
Bitcoin is trading comfortably above the $30,000 level on Wednesday following the update from the U.S Bureau of Labour Statistics which confirmed that inflation continued to ease in March.
Berkshire Hathaway Increases Stake Despite Ripple Affiliation
Interestingly, though, Warren Buffet’s conglomerate Berkshire Hathaway increased its stake just one day earlier in Sumitomo Corp despite the Japanese trading company’s affiliations with Ripple.
Bitcoin Halving Could Unlock More Upside
The total supply of bitcoin is scheduled to have in April or May of next year – an event that’s historically unlocked more upside in BTC prices according to Buffet who said: „If I were good at that, I’d make a lot of money in different things“.
Conclusion
Despite his criticism of cryptocurrencies at large and Bitcoin specifically as a ‚gambling token‘, Warren Buffet’s Berkshire Hathaway increased its stake in Sumitomo Corp – showing his willingness to invest in companies affiliated with cryptocurrencies like Ripple. With the upcoming halving event expected soon, there could be more upside potential for BTC prices in 2021 and beyond.
