Warren Buffett, the legendary billionaire investor and CEO of Berkshire Hathaway, has historically not been shy in expressing his feelings on Bitcoin. In an interview this week on CNBC, Buffett renewed his blunt critique of the digital currency.
"Bitcoin has no unique value at all," Buffett told CNBC’s Becky Quick. "It's a delusion, basically."
In the interview, Buffett expressed sympathy for investors who bought into Bitcoin during the run-up in 2017 thinking "it would change their lives," only to realize massive losses as its value plummeted by more than 80 percent in 2018.
“It attracts charlatans,” He said. “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.”
It isn't the first time Buffett has been outspoken in his criticism. Ahead of last year's annual Berkshire Hathaway shareholder meeting, he said Bitcoin was "probably rat poison squared."
When it comes to the sentiments of the financial old-guard, Buffett's hardly stand alone. Bill Gates, the billionaire founder of Microsoft is another noted Bitcoin skeptic, saying in an interview with CNBC last year that he "would short it if there was an easy way to do it."
Vanguard Group founder and investment guru Jack Bogle, who died in January, said during the height of the speculative bubble in 2017 that Bitcoin should be avoided "like the plague."