Warren Buffett still is no fan of bitcoin.
The chairman and CEO of Berkshire Hathaway Inc. (NYSE:BRK.B) told Yahoo Finance in advance of the conglomerate's annual shareholder meeting that buying bitcoin and other cryptocurrencies is not investing.
Rather, Buffett said, when you're buying cryptocurrencies, "You're speculating."
"There’s nothing wrong with it," Buffett added. "If you wanna gamble, somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.”
According to the Oracle of Omaha, "If you buy something like a farm, an apartment house, or an interest in a business … You can do that on a private basis … And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more."