Warren Buffett calls blockchain an ingenious invention, and bitcoin an illusion

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Warren Buffett calls blockchain an ingenious invention, and bitcoin an illusion

The famous investor and billionaire Warren Buffett called the blockchain an ingenious and important technology, but he never changed his attitude towards cryptocurrency, considering Bitcoin to be just an illusion..

The head of Berkshire Hathaway said in a recent interview that they explained to him the peculiarities of the functioning of the blockchain and bitcoin. Then he realized the enormous potential of the technology, but did not explain why it is so important. Regardless, Warren Buffett still doesn’t see any real value in virtual currency because the blockchain can work without it..

According to the billionaire, people hope that cryptocurrency will change their lives as it has the original concept of a limited amount and a gradual increase in the difficulty of mining, which over time increases its value, but this is not the case. Although he further added that it is impossible to predict the future or how our life will change in the next year.

Warren Buffett calls blockchain an ingenious invention, and bitcoin an illusion

The billionaire also knows about the launch of JP Morgan Chase his own virtual currency, but did not say anything about it..

Warren Buffett is known for his skepticism about cryptocurrencies. For the past five years, he has strongly advised investors not to get involved with digital assets, calling them toxic and unproductive..

Despite criticism from conservatives, there are many benefits to using cryptocurrency in business and everyday life.. 

text: Ivan Malichenko, photo: David A. Grogan / CNBC