Warren Buffett Terms Bitcoin a ‘mirage’, Advises to Stay Away

It is official now that Warren Bufett is not a Bitcoin fan. While talking to CNBC, he termed bitcoin as a mirage and advised the investors to stay away from it. “Stay away from it. It’s a mirage, basically,” Warren Buffett said.

While answering a question from Dan Gibert, the founder Quicken Loans, Buffet said that while Bicoin is an efficient way of transmitting money, it is similar to check. He said that check also transmits money and money orders are also a way of transmitting money and assuming that Bitcoin has some of its own intrinsic value is “just a joke in my view.”

Marc Andreeesen, a successful venture capitalist has said that Warren has been finding new technology out of his league for many decades and his comments on bitcoin are not a surprise.

Buffett was speaking on Quicken Loans Dollar Bracket Challenge with Yahoo Sports, challenge in which anyone predicting all winners of NCAA basketball tournament would be winning one billion dollars. Berkshhire Hathaway of Warren Buffett has insured the prize money involved.

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