Buffett has been a long-time critic of cryptocurrency. He called bitcoin “probably rat poison squared,” ahead of the 2018 Berkshire Hathaway annual shareholder meeting. A “mirage,” “not a currency,” and “tulips” are among the descriptors Buffett has used for bitcoin, according to CNBC’s Warren Buffett Archive.
In the interview Monday, he did point to potential in bitcoin’s “important” underlying technology blockchain but said its success does not depend on cryptocurrency.
Buffett is not alone in his skepticism. Business leaders including Bill Gates, economists Nouriel Roubini and Robert Shiller, and fund managers Ray Dalio and Howard Marks are among those who have questioned bitcoin’s legitimacy. J.P. Morgan CEO Jamie Dimon was also a vocal critic of bitcoin. Yet earlier this month, J.P. Morgan became the first major bank to launch its own proprietary cryptocurrency for cross-border payments.