Warren Buffett quotes on Bitcoins, cryptocurrencies: Oracle of Omaha lessons for investors
Ace investor Warren Buffett has held forth on how to invest in equities and other assets though the years, burnishing his reputation even further. He has not hesitated to say what is on his mind about a number of new 'investing' opportunities that have become trends. The newest one is on cryptocurrencies and here is what he had to say about it, especially Bitcoins. He was speaking to Yahoo Finance.
Warren Buffett explained why Bitcoin is not an investment. He said, "If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like Bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more."
Despite Bitcoins and other currencies shooting up in value over recent months and then crashing, Warren Buffett has not changed his mind about them. In 2014, he famously called Bitcoins a 'mirage' and suggested buyers to stay away from it. In January this year, he said he will never invest in cryptocurrencies.