{"id":380856,"date":"2019-05-04T19:30:19","date_gmt":"2019-05-04T19:30:19","guid":{"rendered":"https:\/\/wncen.com\/?p=380856"},"modified":"2024-06-11T07:40:08","modified_gmt":"2024-06-11T07:40:08","slug":"warren-buffett-claims-bitcoin-is-like-a-seashell-in-his-latest-attack-on-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/warren-buffett-claims-bitcoin-is-like-a-seashell-in-his-latest-attack-on-crypto\/","title":{"rendered":"Warren Buffett Claims Bitcoin is Like a \u201cSeashell\u201d In His Latest Attack on Crypto"},"content":{"rendered":"
It\u2019s no secret that Warren Buffett \u2013 otherwise known as the Oracle of Omaha \u2013 is no fan of Bitcoin and crypto, as he has consistently offered scathing critiques of the nascent industry, frequently affirming his position that BTC is not an investment.<\/p>\n
During the recent Berkshire Hathaway annual shareholder meeting at the CHI Health Center in Omaha, Nebraska, Buffett was once again asked to share his thoughts on BTC, this time calling it a \u201cseashell\u201d and saying that it \u201cdoesn\u2019t do anything.\u201d<\/p>\n
Bitcoin and crypto are undoubtedly complex pieces of technology<\/a> that take either a significant amount of research or a solid-base line understanding of computer science to understand. That being said, younger generations are naturally more apt to accept it as the future, while older generations continue to disregard it as a speculative tool used by criminals.<\/p>\n While speaking to a group of reporters at the shareholders meeting, he referred to BTC as a \u201cgambling device,\u201d referencing the fraud that has occurred in the markets as a reason for why it shouldn\u2019t be considered an investment product.<\/p>\n \u201cIt\u2019s a gambling device… there\u2019s been a lot of frauds connected with it. There\u2019s been disappearances, so there\u2019s a lot lost on it. Bitcoin hasn\u2019t produced anything,\u201d he said.<\/p><\/blockquote>\n Although it is true that there has been a significant amount of fraudulent activity in the crypto markets, that is simply a result of the fact that it is a new digital frontier \u2013 similar to the wild west \u2013 that lacks significant regulation, but this is quickly changing.<\/p>\n Another interesting simile that Buffett used to describe Bitcoin was saying it is \u201clike a seashell.\u201d<\/p>\n \u201cIt doesn\u2019t do anything. It just sits there. It\u2019s like a seashell or something, and that is not an investment to me,\u201d he added.<\/p><\/blockquote>\n Although a seashell may be a pejorative way to describe Bitcoin, Buffett also compared BTC to a button on his jacket, which further shows that he simply doesn\u2019t understand the merits of the technology<\/a>, including its ability to facilitate rapid global transactions, its decentralized nature, and the store of value<\/a> it offers.<\/p>\n \u201cI\u2019ll tear off a button here. What I\u2019ll have here is a little token…I\u2019ll offer it to you for $1000, and I\u2019ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it\u2019s a very limited use,\u201d he said, signaling that his knowledge of the crypto is severely lacking.<\/p><\/blockquote>\n Regardless of what Buffett says, as more major corporations \u2013 including the likes of Facebook \u2013 begin foraying into the industry, the use cases for the rapidly evolving technology will only become clearer and naysayers will, hopefully, be proven wrong.<\/p>\n It\u2019s no secret that Warren Buffett \u2013 otherwise known as the Oracle of Omaha \u2013 is no fan of Bitcoin and crypto, as he has consistently offered scathing critiques of the nascent industry, frequently affirming his position that BTC is not an investment. During the recent Berkshire Hathaway annual shareholder meeting at the CHI Health Center in Omaha, Nebraska, Buffett was once again asked to share his thoughts on BTC, this time calling it a \u201cseashell\u201d and saying that it \u201cdoesn\u2019t do anything.\u201d Warren Buffett Doesn\u2019t Seem to Understand Bitcoin\u00a0 Bitcoin and crypto are undoubtedly complex pieces of technology that take either a significant amount of research or a solid-base line understanding of computer science to understand. That being said, younger generations are naturally more apt to accept it as the future, while older generations continue to disregard it as a speculative tool used by criminals. While speaking to a group of reporters at the shareholders meeting, he referred to BTC as a \u201cgambling device,\u201d referencing the fraud that has occurred in the markets as a reason for why it shouldn\u2019t be considered an investment product. \u201cIt\u2019s a gambling device… there\u2019s been a lot of frauds connected with it. There\u2019s been disappearances, so there\u2019s a lot lost on it. Bitcoin hasn\u2019t produced anything,\u201d he said. Although it is true that there has been a significant amount of fraudulent activity in the crypto markets, that is simply a result of the fact that it is a new digital frontier \u2013 similar to the wild west \u2013 that lacks significant regulation, but this is quickly changing. Another interesting simile that Buffett used to describe Bitcoin was saying it is \u201clike a seashell.\u201d \u201cIt doesn\u2019t do anything. It just sits there. It\u2019s like a seashell or something, and that is not an investment to me,\u201d he added. BTC is Like a \u201cButton on My Jacket\u201d Although a seashell may be a pejorative way to describe Bitcoin, Buffett also compared BTC to a button on his jacket, which further shows that he simply doesn\u2019t understand the merits of the technology, including its ability to facilitate rapid global transactions, its decentralized nature, and the store of value it offers. \u201cI\u2019ll tear off a button here. What I\u2019ll have here is a little token…I\u2019ll offer it to you for $1000, and I\u2019ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it\u2019s a very limited use,\u201d he said, signaling that his knowledge of the crypto is severely lacking. Regardless of what Buffett says, as more major corporations \u2013 including the likes of Facebook \u2013 begin foraying into the industry, the use cases for the rapidly evolving technology will only become clearer and naysayers will, hopefully, be proven wrong. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":380858,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-380856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nBTC is Like a \u201cButton on My Jacket\u201d<\/strong><\/h2>\n
Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"