Warren Buffett reiterates disdain for Bitcoin and calls it ‘rat poison squared’

Berkshire Hathaway leader and one of the most successful investors of the 20th century has called Bitcoin a double rat poison. This happened at the annual stockholder meeting of Berkshire Hathaway.

.@WarrenBuffett on bitcoin just now: “it’s probably rat poison squared.” #brk2018

— Becky Quick (@BeckyQuick) May 5, 2018

Warren Buffett has already criticized Bitcoin last year, telling it’s unwise to invest in something that does not produce value and has properties of economic bubble. This particular statement bears little difference to the previous ones, although in this case, there is less actual explanation. Quite possibly, Buffett wanted to focus on the actual topic of the meeting regarding the financial state of his investment company rather than explain the downsides of Bitcoin again.

Berkshire Hathaway has not been seen engaging with the world of digital currencies, unlike Soros Fund Management and Venrock (created by the Rockefeller family). The limited involvement of these two organizations in the crypto market has become known only recently. It is possible that successors of Warren Buffett may turn out to be less conservative, although it will be this businessman who will choose them. At the press time, the name of possible new head of Berkshire Hathaway remains unknown.

Image courtesy of Nati Harnik / AP