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Warren Buffett, Bitcoin

Long-term bitcoin skeptic Warren Buffett has once again lambasted cryptocurrencies, specifically bitcoin. | Source: REUTERS/Rick Wilking/Files

Warren Buffet has blasted bitcoin again, calling it a “delusion.”

Speaking on CNBC’s Squawk Box, he said:

“Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.”

Buffet, one of the world’s richest men, praised blockchain and its technology, saying “It’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create.” 

But the ‘Oracle of Omaha’ admitted he knows very little about the technology:

“This is explained to me by people a lot smarter than I am.”

This is a developing story…Stay tuned.

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