What does Warren Buffet say about Bitcoin?

By Moris Beracha.- “Unlike buying stocks, bonds or real estate, buying bitcoin is not an investment,” Buffett said. The millionaire investor says that the reason is “because it lacks intrinsic value”.

In an interview with Yahoo Finance he says that “if you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything […] You only feel you’ll find the next guy to pay more.” “You aren’t investing when you do that, you’re speculating,” he said.

To be an investment, what you’re buying has to be worth something on its own, says Buffett.

Famous for his “buy and hold” investment strategy, the Berkshire Hathaway CEO built his company, (and his $82.8 billion net worth), backing companies that have substantial value.

Read the original post here.