Warren Buffett on Bitcoin: “It only produces more buyers looking to sell”

For Warren Buffett, Bitcoin is as bad as gold: “If you go back to the time of Christ,
and you look at how many hours we had to give up in order to buy an ounce of
gold and you bring it forward to now, you’ll find the compound rate may be a
tenth or two-tenths of 1 percent, …but it doesn’t produce anything.”

“The asset itself is creating nothing,” Buffett, one of the richest men on earth, said on CNBC.

“When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”

Buffett sees them as largely speculative assets. “It’s buying something because you
expect the pool of people who want to buy it because they want to sell it to somebody
else will grow,” he said.