When Bitcoin went from being worthless to a "high" of more than 100 US dollars, Buffett said: Bitcoin is rat poison.
Later, the reporter asked him that Bitcoin has risen from more than 100 US dollars to more than 9,000 US dollars. What do you think of this?
Buffett replied: "Probably rat poison squared."
At the Berkshire Buffett shareholder meeting, the stock god once again expressed his unfavorable attitude towards Bitcoin: "The final result of cryptocurrencies will be very bad because they have not generated any value related to this asset." Cryptocurrency The value of an asset depends on more people entering the market, and then the holder sells it to the receiver at a higher price than the purchase price.
In an interview with Yahoo Finance, Buffett even pointed out that buying cryptocurrency is not investment but speculation.
"There's nothing wrong with that. If you want to take a gamble, someone will come tomorrow and be willing to pay more."
"That's gambling. It's not investing."
“We would never buy cryptocurrencies, even stuff I think I know a little bit about gives me enough trouble, why would I buy something I don’t understand?”
Buffett: Stay away from Bitcoin
Back in 2014, Buffett warned in an interview with CNBC: “Stay away from Bitcoin. It’s basically just a phantom, a way to move money.
This is a very efficient way to transfer funds, and you can do so completely anonymously. Checks are also a way to move funds. But are checks worth a lot of money simply for their ability to move money?
Can a money order be worth a lot of money? People can also transfer funds via money order. I want Bitcoin to be a better way to move money, but you can replicate that in a whole bunch of different ways.
The idea that Bitcoin has huge intrinsic value is a joke to me. "
Before Bitcoin came out, Buffett's attitude towards gold was never to invest. He believed that gold had two important flaws.
First of all, as a non-productive asset, gold has no "production capacity". This means that gold itself cannot change into more gold, nor can it change into any other value. Therefore, Buffett's usual investment method is to acquire oil fields, which can produce oil, acquire factories, which can manufacture products, and invest in stocks, which can generate dividends. "But if you buy an ounce of gold, hundreds of years later, it's still an ounce of gold."
He believes gold's second major flaw is its lack of practical uses. Although gold can be processed into jewelry and other industrial products, these are not enough to support widespread demand. And even for equally unproductive assets like copper and steel, as long as they have a wide range of uses, you can at least count on demand to drive up prices.
The reason why Buffett does not invest in Bitcoin today is probably similar to the reason why he does not invest in gold.
In his opinion
First of all: Bitcoin is a non-productive asset, not an asset that can generate value.
At the same time, Bitcoin has not yet supported widespread use and demand, so it is a "real bubble."
Now that the price of Bitcoin has reached 6-70,000 US dollars, do you think Buffett regrets saying these words? Welcome to discuss in the comment area.
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What important information should be considered before investing in Bitcoin?
Cryptocurrency has been on quite a wild ride since it launched back in 2009. Today, it is quite a controversial topic among investing experts. This is largely because it’s volatile and only loosely regulated.
Cryptos such as Bitcoin and Ethereum have risen a lot since their debut but they’ve also experienced tremendous boom-bust cycles along the way. Experienced traders have been speculating on cryptocurrencies for years, but how can you get started if you’re new to the crypto market?
Here’s how to start investing in cryptocurrency and some of the significant risks you need to watch out for.
5 steps for investing in cryptocurrency
First things first, if you’re looking to invest in crypto, you need to have all your finances in order. That means having an emergency fund in place, a manageable level of debt and ideally a diversified portfolio of investments. Your crypto investments can become one more part of your portfolio, one that helps raise your total returns, hopefully.
Pay attention to these five other things as you’re starting to invest in cryptocurrencies.
Remember, the past is past
A mistake that many new investors make is looking at the past and extrapolating that to the future. Yes, Bitcoin used to be worth pennies, but now is worth much more. The key question, however, is “Will that growth continue into the future, even if it’s not at quite that meteoric rate?”
Investors look to the future, not to what an asset has done in the past. What will drive future returns? Traders buying a cryptocurrency today need tomorrow’s gains, not yesterday’s.
Understand what you’re investing in
As you would for any investment, understand exactly what you’re investing in. If you’re buying stocks, it’s important to read the annual report and other SEC filings to analyze the companies thoroughly. Plan to do the same with any cryptocurrencies, since there are literally thousands of them, they all function differently and new ones are being created every day. You need to understand the investment case for each trade.
In the case of many cryptocurrencies, they’re backed by nothing at all, neither hard assets nor cash flow of an underlying entity. That’s the case for Bitcoin, for example, where investors rely exclusively on someone paying more for the asset than they paid for it. In other words, unlike stock, where a company can grow its profits and drive returns for you that way, many crypto assets must rely on the market becoming more optimistic and bullish for you to profit.
Some of the most popular coins include Ethereum, Dogecoin, Cardano and Solana. So before investing, understand the potential upside and downside. If your financial investment is not backed by an asset or cash flow, it could end up being worth nothing.
Manage your risk
If you’re trading any asset on a short-term basis, you need to manage your risk, and that can be especially true with volatile assets such as cryptocurrency. So as a newer trader, you’ll need to understand how best to manage risk and develop a process that helps you mitigate losses. And that process can vary from individual to individual:
Risk management for a long-term investor might simply be never selling, regardless of the price. The long-term mentality allows the investor to stick with the position.

Risk management for a short-term trader, however, might be setting strict rules on when to sell, such as when an investment has fallen 10 percent. The trader then strictly follows the rule so that a relatively small decline doesn’t become a crushing loss later.

Newer traders should consider setting aside a certain amount of trading money and then using only a portion of it, at least at first. If a position moves against them, they’ll still have money in reserve to trade with later. The ultimate point is that you can’t trade if you don’t have any money. So keeping some cash in reserve means you’ll always have a bankroll to fund your trading.

It’s important to manage risk, but that will come at an emotional cost. Selling a losing position hurts, but doing so can help you avoid worse losses later.
Watch that volatility
The prices of cryptocurrencies are about as volatile as an asset can get. They could drop quickly in seconds on nothing more than a rumor that ends up proving baseless. That can be great for sophisticated investors who can execute trades rapidly or who have a solid grasp on the market’s fundamentals, how the market is trending and where it could go. For new investors without these skills or the high-powered algorithms that direct these trades – it’s a minefield.
Volatility is a game for high-powered Wall Street traders, each of whom is trying to outgun other deep-pocketed investors. A new investor can easily get crushed by the volatility.
That’s because volatility shakes out traders, especially beginners, who get scared. Meanwhile, other traders may step in and buy on the cheap. In short, volatility can help sophisticated traders “buy low and sell high” while inexperienced investors “buy high and sell low.”
Don’t invest more than you can afford to lose
Finally, it’s important to avoid putting money that you need into speculative assets. If you can’t afford to lose it all of it you can’t afford to put it into risky assets such as cryptocurrency, or other speculative assets, for that matter.
Whether it’s a down payment for a house or an important upcoming purchase, money that you need in the next few years should be kept in safe accounts so that it’s there when you need it. And if you’re looking for an absolutely sure return, your best option is to pay off high-interest debt. You’re guaranteed to earn (or save) whatever interest rate you’re paying on the debt. You can’t lose there.
Finally, don’t overlook the security of any exchange or broker you’re using. You may own the assets legally, but someone still has to secure them, and their security needs to be tight. If they don’t think their cryptocurrency is properly secured, some traders choose to invest in a crypto wallet to hold their coins offline so they’re inaccessible to hackers or others.
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