Billionaire investor and Berkshire Hathaway'southward Chairman and CEO Warren Buffett reiterated his negative stance towards cryptocurrencies at the annual meeting of his visitor Sabbatum, May 5. Buffet repeated his thought that cryptocurrencies will come to a "bad ending," and claimed that Bitcoin (BTC) is "probably rat poison squared," according to CNBC.

In response to a question on Buffet's view of cryptocurrencies raised by an attendee from Ukraine, the "Oracle Of Omaha" has made however some other anti-crypto argument. According to Cafe, Bitcoin is not a "productive" asset, unlike land or corporate shares. As a result, investors' demand for it is the merely price-determining factor, making digital currency a handy tool for "charlatans," Cafe said.

The billionaire investor claimed that cryptocurrency community is in for a "bad ending" after the "euphoria wears off."

Berkshire Hathaway'south Vice Chairman Charlie Munger echoed Buffet's criticism of cryptocurrency investment, albeit in much harsher terms:

"Someone else is trading turds and yous decide I can't be left out."

Earlier in February, Munger called Bitcoin "totally asinine" and argued that people get involved in crypto "because everybody wants easy coin."

87-year-quondam Buffet is known for his scepticism towards cryptocurrencies. The billionaire investor has fabricated repeated statements claiming that Bitcoin is neither a currency, nor a way of investing. In October 2022, Cafe claimed that Bitcoin had entered the "bubble territory," and is "going to implode."

Some institutional players, on the other hand, are much more enthusiastic about Bitcoin. For instance, the cyberbanking behemothic Goldman Sachs has launched a Bitcoin trading functioning earlier this week, commenting that Bitcoin "is not a fraud."