Warren Buffett further decries Bitcoin, says buying the cryptocurrency is “not investing”

Revered investor and ‘Oracle of Omaha’, Warren Buffett, has delivered a one-two punch to the cryptocurrency sector, declaring the act of buying Bitcoin “is not investing”.

During an interview with Yahoo Finance, the Berkshire Hathaway chief executive followed up his previous statements on cryptocurrency where he declared the emerging asset class would come to a “bad ending”.

“We don’t own any, we’re not short any, we’ll never have a position in them,” he said at the time.

“I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about.”

This time around, Buffett’s comments were more considered; he categorised cryptocurrencies such as Bitcoin as a speculation rather than an investment.

“There’s two kinds of items that people buy and think they’re investing. One really is investing and the other isn’t,” Buffett told Yahoo Finance.

“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.” Read more

Dominic Powell - Smart Company - 30 Apr 2018