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Warren Buffett: 'Stay away' from bitcoin because it's a 'mirage'

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Warren Buffett doesn’t like bitcoin. He has told investors this a few times already. Speaking with CNBC on Friday, he confirmed again that he doesn’t have a high opinion for the digital currency and is a pessimist about the future of the cryptocurrency.

“Stay away from it. It's a mirage basically,” said Buffett.

He did cite the effectiveness of bitcoin’s method of transmitting money. However, Buffett noted that anyone can transmit money by using a money order or a check the same way. “It’s a very fast money order.”

“People do it. I hope bitcoin becomes a better way of doing it," he notes. "You can replicate it a bunch of different ways. The idea that it has a huge intrinsic value is a joke."

The value of bitcoin is trading at just above $632 (at the time of this writing).


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