Warren Buffett No Longer Considers Bitcoin “Rat Poison Squared,” Now Calls It a “Gambling Token”

Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, became quite well known as one of the biggest Bitcoin skeptics in the broader financial industry. In the past, Buffett has called the asset “rat poison squared.” Despite multiple attempts to explain the benefits of digital assets to him, including Justin Sun’s private dinner with him, he still seems unconvinced.

Warren Buffett now thinks of crypto investing as a game

In his recent interview, Buffett took another jab at Bitcoin, calling it a “gaming asset” and denying that it has any intrinsic value. This stance seems to have softened Buffett’s anti-Bitcoin ideology somewhat, as he now seems to understand its use in speculative investment.

While comparing from the crypto market to gambling, he said: “We have had an explosion of gambling. I like to bet on a football match if I’m sitting and watching, it makes it more interesting. But I don’t think I want to make a living betting against the house.”

“People like to play the lottery,” Warren Buffett says of the cryptocurrency craze. “It’s appealing to the game instinct. We’ve had a blast of play.” pic.twitter.com/pjNEKdNgr1

— Squawk Box (@SquawkCNBC) April 12, 2023

Most people in the crypto industry still remember some of his most memorable quotes, like the one in the 2014 Squawk Box interview, when he said that Bitcoin was “a mirage,” stating that the idea that it has value huge intrinsic is just a joke.

During another 2014 interview, he also said that he wouldn’t be surprised if Bitcoin disappeared over the course of the next 10 to 20 years. Furthermore, he noted that Bitcoin could not be considered a currency, as it “inevitably rests on the value of the dollar.”

Warren Buffett’s stance on cryptocurrencies has softened noticeably

His statement that Bitcoin was “probably rat poison squared” is probably the most famous of all. This is why his change from comparing cryptocurrencies to gambling was taken as huge in the recent CNBC interview. During the interview, he was asked when Bitcoin will be revealed and not just rat poison squared. As he shrugged off the question, he began to compare cryptocurrency to gambling, stating:

That is predicting when the speculation will end or when the gambling instinct will disappear.

After that, he briefly compared crypto to chain letters, before returning to his gambling analogy. This time, he said, Bitcoin users are essentially gambling with their earnings. He compared discovering the investment in BTC to discovering that one has a roulette wheel in his house.

“#Bitcoin it is a game token and has no intrinsic value. But that doesn’t stop people from wanting to play roulette,” says Warren Buffett in #crypto. pic.twitter.com/6MQAiyrS5J

— Squawk Box (@SquawkCNBC) April 12, 2023

Buffett’s tough stance when it comes to investing has made his investment company huge, but even Berkshire Hathaway wasn’t immune to losses during the recent banking crisis. Several reports even noted that Bitcoin has far outperformed Berkshire stock. Stocks rose 5.8% while Bitcoin soared 31.5% through March 2023.

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