Warren Buffet about Bitcoin in 2015 - "Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money"

The globally renowned investor, Warren Buffet who is also called ‘Oracle of Omaha’ for right predictions regarding investment opportunities, has suggested the investors to stay away from Bitcoin in the year 2015. He says, “Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money.”:

“Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”

Those who know Warren Buffet admit that the Oracle refuses to invest in what he doesn’t know, and he doesn’t know the technology sector, IBM notwithstanding. However, they have fundamental flaw in their understanding of Buffet’s understanding about the investment in Bitcoin, per se as here it is fundamental understanding.

Antipathy towards Bitcoin for Obvious Reasons

Buffett’s problem with Bitcoin is not that it is a tech investment; rather, it is that it is not any kind of investment at all as according to him it doesn’t have value. Earlier, in March this year in a TV show with CNBC he had explained Bitcoin as something that does not have value. Observation is that he invests mostly in the fiat system.