{"id":317016,"date":"2023-04-12T15:22:10","date_gmt":"2023-04-12T14:22:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=317016"},"modified":"2023-07-18T02:28:56","modified_gmt":"2023-07-18T01:28:56","slug":"buffet-says-he-cant-turn-back-the-clock-on-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/buffet-says-he-cant-turn-back-the-clock-on-bitcoin\/","title":{"rendered":"Buffet says he can&#8217;t turn back the clock on Bitcoin"},"content":{"rendered":"<p>Warren Buffett said he does not know &#8220;how to turn back the clock&#8221; on Bitcoin.<\/p>\n<p>Speaking to <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1646135432982286338\">CNBC<\/a>, the Chair of Berkshire Hathaway likened Bitcoin to roulette, saying the leading cryptocurrency is a gambling token with no intrinsic value.<\/p>\n<h2>Bitcoin is gambling, says Buffett<\/h2>\n<p>Nonetheless, Buffett conceded that the lure of easy money and getting rich quickly is understandable and &#8220;so human.&#8221;<\/p>\n<p>Buffett said he is not immune to that sensation, as he recounted the one time he gambled on football &#8211; making $550.<\/p>\n<blockquote><p>&#8220;The urge to participate in something that looks like easy money is a human instinct, which has been unleashed; it was always there.&#8221;<\/p><\/blockquote>\n<p>With that, he compared Bitcoin's appeal to the temptation of gambling in a bid to strike it big, adding that, in gambling, the losses are often downplayed while winning is exaggerated.<\/p>\n<p>The billionaire said he prefers to get rich slowly.<\/p>\n<h2>Rat poison squared<\/h2>\n<p>In 2018, during a Berkshire Hathaway shareholders meeting, <a href=\"https:\/\/www.cnbc.com\/2018\/05\/05\/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html\">Buffett<\/a> famously called Bitcoin rat poison squared &#8211; predicting that the industry would implode.<\/p>\n<blockquote><p>&#8220;In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.&#8221;<\/p><\/blockquote>\n<p>While other skeptics have softened or changed their view over time, such as <a href=\"https:\/\/cryptoslate.com\/ray-dalio-clarifies-his-position-on-bitcoin-saying-he-greatly-admires-it\/\">Ray Dalio<\/a>, who said he now greatly admires Bitcoin, Buffett clings firmly to his past opinions.<\/p>\n<p>Author of the Business Blockchain, <a href=\"https:\/\/twitter.com\/wmougayar\/status\/1646133731776684037\">William Mougayer<\/a>, puts this down to a generational block, saying he can only see the speculative part, not the technological use cases.<\/p>\n<p>Bitcoin rose above $30,000 on Tuesday &#8211; posting a 10-month high.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Warren Buffett said he does not know &#8220;how to turn back the clock&#8221; on Bitcoin. Speaking to CNBC, the Chair of Berkshire Hathaway likened Bitcoin to roulette, saying the leading cryptocurrency is a gambling token with no intrinsic value. Bitcoin is gambling, says Buffett Nonetheless, Buffett conceded that the lure of easy money and getting [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":343169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,77968],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buffet says he can&#039;t turn back the clock on Bitcoin<\/title>\n<meta name=\"description\" content=\"The Berkshire Hathaway Chair likened interest in Bitcoin to the lure of easy money gambling.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/buffet-says-he-cant-turn-back-the-clock-on-bitcoin\/\" \/>\n<meta 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