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Home / Business / Warren Buffett claims that Bitcoin is like a "shell" in his latest attack on crypto

Warren Buffett claims that Bitcoin is like a "shell" in his latest attack on crypto



It's no secret that Warren Buffett – otherwise known as the Oracle of Omaha – is not a fan of Bitcoin and crypto, as he has consistently offered scathing criticism by the growing industry and often confirms that he is not an investment. [19659002] During the recent Berkshire Hathaway annual shareholder meeting of the CHI Health Center in Omaha, Nebraska, Buffett was again asked to share his thoughts on BTC, this time calling it a "shells" and saying it "does nothing." 19659002] Warren Buffett does not seem to understand Bitcoin

Bitcoin and Crypto are undoubtedly complex technologies that take either a significant amount of research or a solid baseline understanding of computer science to understand. That said, younger generations are naturally more likely to accept it as the future, while older generations continue to disregard it as a speculative tool used by criminals.

While talking to a group of journalists at the General Assembly, he referred to BTC as a "gambling device", referring to the fraud that has occurred in the markets as a reason why it should not be considered an investment product.

"It is a gambling device … there has been a lot of scams attached to it. There have been disappearances, so there is a lot lost in it. Bitcoin has not produced anything," he says.

Although it has Being a significant degree of fraud activity in the crypt market, it is simply a result of there being a new digital border ̵

1; just to the wild west – it lacks significant regulation, but this is changing rapidly.

Another interesting simulation like Buffett used to describe Bitcoin, said it was "like a shell."

"It does nothing. It's just there. It's like a shell or something, and it's not an investment for me, "he added.

BTC is like a" Button on My Jacket "

Although a shell may be a pejorative way to describe Bitcoin , Buffett also compared BTC with a button on his jacket, which further shows that he simply does not understand the benefits of technology, including the ability to facilitate fast global transactions, its decentralized nature and value creation.

I turn off a button here What I have here is a small sign … I want to offer it to you for $ 1000 and I'll see if I can get the price up to $ 2000 by the end of the day … But the button has a use and that is a very limited use, "he said and signaled that his knowledge of the crypt is serious.

Whatever Buffett says, as several big corporations – including Facebook – are starting to foraying in the industry, the use of the fast-paced technology will only become clearer and naysayers will hopefully be proven wrong.

  Featured image from Shutterstock. 

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