Warren Buffett: 'Bitcoin is a delusion, JP Morgan is even making their own'

25 Feb, 2019 | Updated: 25 Feb, 2019
by Jelmer van der Dussen
Bitcoin
Warren Buffett: 'Bitcoin is a delusion, JP Morgan is even making their own'

Another day, another Warren Buffett swing at Bitcoin. The billionaire investor discussed Bitcoin today in CNBC's Squawk Box, saying that 'it's a delusion'.

Buffett has been a critic of Bitcoin for years already, and it seems he didn't change his mind on Bitcoin and the cryptocurrency space yet. "It attracts charlatans", Buffett said in the interview. "If you do something phony by going out and selling yo-yos or something, there's no money in it — but when you get into Wall Street, there's huge money."

The Berkshire Hathaway CEO added that Bitcoin 'has no unique value at all'. "It's a delusion, basically."

"Who knows where we will be next year"
Buffett did say something nice on Bitcoin and blockchain for a change. "Bitcoin is ingenious and blockchain is important... but Bitcoin doesn't produce anything. You can stare at it all day and no little Bitcoins come out."

"Who knows where we will be next year. But I'm really sorry this happens, because people get their hopes up that something like that is going to change their lives. It's very ingenious to figure out how to have a limited supply, but they say blockchain doesn't depend on Bitcoin. JP is even making their own, matched to the dollar."

Read more: What does JPM Coin mean for Ripple and the wider crypto industry?

Last year, Buffett said that Bitcoin is 'probably rat poison squared'.

Read more: 'Maybe Warren Buffett should start buying some rat poison', Anthony Pompliano says

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