Buffett and Gates slam bitcoin for being a non-productive investment

Buffett and Gates slam bitcoin for being a non-productive investment

Buffett has also previously stated that he will never buy cryptocurrencies, citing a lack of understanding of the asset as well as a distaste for the volatility. Buffett said investors would instead be much better off investing in USA stocks, which in turn are also a far better investment than 10- or 30-year United States government bonds.

"When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along", Buffett said on CNBC's "Squawk Box".

One of the biggest names in the list of billionaire investors Warren Buffett is not particularly fond of bitcoin or the new digital era currency that took the world by storm previous year.

Charlie Munger, a Berkshire vice chairman and longtime associate of Buffett, described bitcoin as "worthless artificial gold".




Even after Bitcoin tanked in recent months and is now trading lower by over 50 percent from the top, Bill Gates stated that he would short the cryptocurrency.

Munger went after the popular cryptocurrency at the Berkshire Hathaway annual meeting on Saturday, calling it a "turd", adding that trading cryptocurrencies is "just dementia". "In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Munger said. Berkshire's initial investment in Apple was small, suggesting it was made by one of Buffett's deputies, but with the latest purchase it has grown to a solid 240.3m shares worth $42.5bn. Buffett said the mystique behind the cryptocurrency has driven a surge in its price. We're more concerned with what effect it all has on GPU pricing.

Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase.

Buffett says Wells Fargo clearly had the wrong incentives in place when bank employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets.

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