The Berkshire Hathaway Chair likened interest in Bitcoin to the lure of easy money gambling.

Bitcoin is gambling, says Buffett

Nevertheless, Buffett acknowledged that the allure of quick riches and easy money is comprehensible and “so human.”

Buffett said he isn’t invulnerable to that sensation, as he related the one time he bet on football – making $550.

“The urge to participate in something that looks like easy money is a human instinct, which has been unleashed; it was always there.”

He then compared Bitcoin’s appeal to the urge to gamble in an effort to win big, noting that in gambling, winnings are frequently exaggerated while losses are frequently downplayed.

The billionaire stated that he likes to build wealth slowly.

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Rat poison squared

Buffett famously referred to Bitcoin as “rat poison squared” at a Berkshire Hathaway shareholders meeting in 2018 and predicted that the industry would collapse.

“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”

While other skeptics, such as Ray Dalio, who has stated that he now greatly admires Bitcoin, have softened or changed their opinions over time, Buffett clings firmly to his previous opinions.

Creator of the Business Blockchain, William Mougayer, puts this down to a generational block, saying he can see the speculative part, not the mechanical use cases.

Bitcoin transcended $30,000 on Tuesday – posting a 10-month high.