Warren Buffet on Bitcoin

[Bitcoin is] a gambling device . . . there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.

It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.

I’ll tear off a button [from my jacket] here. What I’ll have here is a little token . . . I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day . . . But the button has one use and it’s a very limited use.

Bitcoin is ingenious and blockchain is important, but Bitcoin has no unique value at all. It doesn't produce anything. You stare at it all day and no little bitcoins come out or anything like that. It's a delusion, basically.

[Bitcoin is] a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.