Warren Buffett: Bitcoin is a "delusion" , but blockchain is " genius»

[Paha87]

Billionaire investor Warren Buffett believes that blockchain technology is "important," but he's still far less optimistic about bitcoin.

In an interview with Becky quick of CNBC, the Chairman and CEO of the multinational conglomerate Berkshire Hathaway echoed his long-held views on bitcoin, calling how some people perceive cryptocurrency as "misleading." Buffett said:

It's brilliant, and blockchain is important, but bitcoin has no unique value. It produces nothing, you can look at it all day, and no small bitcoins or anything like that appear.

Recognizing that bitcoin and blockchain were explained to him by other people, Buffett added:

People hope that something like this will change their lives, and it's very brilliant to have a limited supply and make it harder and more expensive to get an asset. But this is not the case, the blockchain function is independent of bitcoin.

Although Buffett did not specify why he considers blockchain important, he noted that JPMorgan Chase is launching its own cryptocurrency with reference to the dollar, JPM Coin.

Read on: 5 benefits that JPM Coin will give to the banking and crypto industries

"Poison in the square"

Buffett's views on bitcoin are well known: back in 2014, he warned investors to avoid cryptocurrency. In may of last year, he referred to bitcoin as the "rat poison square," noting that it was an "unproductive asset" during Berkshire Hathaway's annual shareholder meeting.

Read on: Warren Buffett: "the crypto Community will end badly»

According to him, the price of bitcoin depends only on the fact that someone should want to pay for each coin more than it was paid earlier. Similarly, he predicted that bitcoin would come to a "bad end" in January 2018, and stressed that Berkshire Hathaway would not hold positions in bitcoin futures.

Link - https://altstake.io/news/uorren-baffet-bitkoin---eto-zablughdenie-no-blokcheyn---eto-genialyno