Berkshire Hathaway Chairman and CEO Warren Buffet certainly does not miss any given opportunity to lash out at Bitcoin every chance he gets. In an interview with CNBC, the “Oracle of Omaha” gave his piece of mind on the crypto once more. Plus, he also shared what he thought about artificial intelligence (AI).
Warren Buffet on Bitcoin: A Gambling Token with No Intrinsic Value
The Berkshire Hathaway CEO has been an outspoken critic of Bitcoin for years. Buffet sees Bitcoin as a speculative token with no intrinsic value, calling it a form of gambling. In an interview with CNBC, he compared it to a roulette wheel, stating that betting against the odds eats up people’s money.
Buffet believes that Bitcoin’s longevity is due to speculation, human instinct to gamble, and more people wanting to buy in then get out. He acknowledges the appeal of getting rich quickly but has always preferred getting rich slowly and having fun along the way.
Warren Buffet on AI: Extraordinary, but is it Beneficial?
Buffet’s views on AI are less clear-cut. He admitted to having no expertise in the field, but he was impressed by the capabilities of ChatGPT, an AI chatbot developed by OpenAI, which Microsoft is betting billions on.
ChatGPT can take written inputs from users and produce a human-like response. The billionaire investor shared that he gave a crack at the capabilities of the platform by instructing it to make a Spanish version of the song “My Way”, and he was impressed with the output it generated in just two seconds.
Buffet acknowledges the amount of time AI could save people but expresses uncertainty about whether advanced technology like this is beneficial to the human race. The veteran investor said he doesn’t want to change the world too many times without understanding the consequences.
Does Warren Buffet Own Bitcoin?
The well-known critic of Bitcoin and cryptocurrency reportedly owns Bitcoin rather indirectly through his stake in Brazilian digital bank Nubank. It should be recalled that Berkshire Hathaway invested $500 million in Nubank when it went public in June 2021.
Today, the largest Brazilian digital bank is seen as crypto-friendly, and it just launched a crypto trading service that allows customers to buy and sell Bitcoin and Ethereum on its platform last year. Furthermore, the company revealed that it is allocating around 1% of its cash for the acquisition of Bitcoin as support to the crypto industry.
Based on its latest financial records, NuBank is now worth $45 billion and has 65 million users. It is the second-biggest virtual bank worldwide in terms of valuation and is planning a major expansion abroad soon.
Although Buffet does not directly own Bitcoin, his huge stake at Nubank gives him exposure and provides his company with somewhat of a slice in the 1% BTC acquisition of the digital bank.
Warren Buffet has been consistently hating on Bitcoin and crypto in general since they went mainstream. He even referred to them as “rat poison squared” in his statements. However, his words and his company’s stance are somewhat polarizing if the NuBank affair is taken into the equation.
On the other hand, he appears to be lukewarm when it comes to AI. He is quoted to be showering his praises on the tech but is taking a very cautious approach to it at the same time.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.