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Warren Buffett on bitcoin: It doesn’t produce anything

Berkshire Hathaway Chairman and CEO Warren Buffett took another swipe at bitcoin on Monday as he went into further detail about why he would not invest in the cryptocurrency.

“The asset itself is creating nothing,” Buffett said on CNBC’s ” Squawk Box ” from Omaha, following Berkshire’s annual shareholder meeting. “When you’re buying nonproductive assets, all your counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”

On Saturday, Buffett said bitcoin is ” probably rat poison squared ,” while Vice Chairman Charlie Munger said during the annual meeting that trading in cryptocurrencies is “just dementia.”

This is a breaking news story. Check back shortly for updates.

— Buffett joins “Squawk Box” for three hours, 6 a.m. ET to 9 a.m. ET, with special guests Munger and Microsoft co-founder and philanthropist Bill Gates .

With Berkshire’s 2018 annual meeting in the books, users can revisit the highlights in CNBC’s Warren Buffett Archive, which houses searchable video from 25 full annual meetings, going back to 1994, synchronized to 2600 pages of transcripts. The Warren Buffett Archive also includes 500 shorter-form videos arranged by topic, CNBC interviews, a Buffett Timeline, and a Berkshire Portfolio Tracker.

Source: Yahoo

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